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A Visual Guide to Understanding Your Financial Statement

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In the startup era, it’s easier than ever to launch a new business.

With barriers to entry for new ventures at historic lows, it’s now extremely common to see aspiring entrepreneurs from all walks of life – including many without any type of formal business training.

Financial Statement Basics

Accounting may not be a glorified part of the modern hustle, but today’s infographic from The Business Backer shows why understanding and interpreting financial statements is important for any founder.

Whether you have the next big idea or find yourself grinding away at a side hustle, understanding the basics of business accounting will help you prepare for the next step of entrepreneurial success.

A Visual Guide to Understanding Your Financial Statement

A financial statement has three main parts: the balance sheet, the income statement, and the cash flow statement.

It’s worth noting that 82% of small businesses fail because they experience cash flow problems, so the latter statement is of particular importance.

What They Do

Here are the basics on each type of statement, and why they are important:

1. Balance Sheet
The balance sheet presents a company’s financial position at the end of a specified date. It provides a snapshot of a company’s assets, liabilities, and shareholders’ equity. This statement essentially shows what a company owns and owes.

2. Income Statement
An income statement is a report that shows how much revenue a company earned over a specific time period. This is perhaps the most intuitive financial statement, as it ultimately shows the company’s profitability – a metric that even the most accounting-allergic business owner would watch quite closely!

3. Cash Flow Statement
A cash flow statement reports the company’s inflows and outflows of cash during a period of time. A company can be profitable, but still be experiencing cash flow difficulties. If not enough money is coming in the door, or if there is a significant lead time to receive revenue, then it’s possible for a company to not meet its short-term liabilities.

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Entrepreneurship

The 150 Apps that Power the Gig Economy

You’re likely familiar with companies like Uber, Airbnb, and Craigslist, but here are 100+ other apps that help make the gig economy possible.

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Here are 150 Apps that Power the Gig Economy

Go back in time a decade, and you’d have a tough time convincing anyone that they would be “employed” through an app on their phone.

And yet, in a short period of time, the emergence of the smartphone has enabled the gig economy to flourish into a multi-trillion dollar global market. And by leveraging apps like Uber, Airbnb, and Etsy, it’s estimated that 57 million people in the U.S. now participate in the gig economy each year in some shape or form.

What apps do these people use to turn their time, skills, hobbies, or assets (cars, home, parking spaces, etc.) into additional income streams?

App Examples

Today’s infographic comes to us from TitleMax, and it lists 150 different apps that are used within the gig economy – including many that pay gig workers directly.

Here are just some of the apps that are used in some of the major categories above:

Ridesharing
Uber and Lyft are what many think of when they hear about the gig economy. However, there are now dozens of rideshare apps out there to fill different niches – for example, Wingz offers flat-fee rides to the airport, while Curb connects riders with professional taxi drivers.

Errands
TaskRabbit, which was bought by IKEA, turns errands such as assembling furniture or cleaning a gutter into payable gigs. Meanwhile, apps like Dolly and Bellhops will connect you with movers, and LawnLove is for lawn care.

Art, Design, and Crafting
Etsy, a marketplace for handmade goods, is one the of the best known brands in this category. However, there are many other niche options here as well – for example, UncommonGoods specializes in unique gifts, while Society6 focuses on gallery quality art prints.

Writing and Editing
Lulu and Kindle Direct allow you to publish eBooks online and sell them, while proofreaders and editors can get paid for their copy editing services through Gramlee.

Delivery
Fast and efficient delivery services are a centerpiece to the gig economy, and there are no shortage of options here. DoorDash, UberEats, Caviar, and GrubHub allow users to get food delivered to their doors, while apps like Instacart focus on grocery delivery.

Multimedia
We all know that you can create videos and monetize them on places like YouTube or Twitch, but did you know you can be a voice actor through services like VoiceBunny? You can also sell rights to your photos via Foap, or do freelancing work through Upwork or Fiverr.

Whether you are tapping into the gig economy for an extra income stream or you are incorporating gig economy services into your life for added convenience, there is no shortage of options to choose from.

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This Giant List of 100+ Marketing Stats Reveals What Actually Works

This massive infographic uses 100+ marketing stats to highlight the tactics that are working in modern-day digital universe.

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In just the last decade, the marketing world has been dramatically transformed.

Spending on digital media surpassed television ads in 2017, and now global digital spend is anticipated to top $333 billion this year.

As a result, today’s entrepreneurs and small businesses are starting to think about marketing in almost exclusively digital terms – and to have a successful online strategy, it’s important to see the data on what tactics are actually working.

Visualizing 100+ Marketing Stats

Today’s infographic comes to us from Serpwatch and it highlights seven of the most important digital marketing trends to keep an eye on this year.

Along the way, it highlights over 100 useful marketing stats that help to reveal the strategies and tactics that maximize ROI in the online arena.

This Giant List of 100+ Marketing Stats Reveals What Actually Works

It’s well known that digital media tactics – such as using social media, SEO, search, email, and content marketing – all offer unprecedented levels of analytics, customization, and segmentation for the modern marketer.

However, with so much to think about when using these techniques online and at scale, they can also be quite overwhelming.

Luckily, the above list provides some marketing stats that stand out in potentially helping businesses make the most out of their digital campaigns.

Stats That Stand Out

Here are some of the marketing stats from the above list that we thought stood out the most, for each category:

  • Search:
    The top five search results for a keyword on Google get 70% of the clicks.
  • Social media:
    80% of B2B leads come in through LinkedIn vs. 13% on Twitter and 7% on Facebook.
  • Video marketing:
    Video will represent 82% of all internet traffic by 2021.
  • Cold email marketing:
    Emails sent between 10-11am have the highest open rates. Tuesday is the best day to send cold emails.
  • Paid advertising:
    The mobile ad blocking rate has increased 90% year-over-year.
  • Lead generation:
    61% of marketers say generating traffic and leads is their top challenge.
  • Content marketing:
    47% of buyers viewed 3-5 pieces of content before engaging with a sales rep.

Although the digital marketing space is vast, the useful statistics above may help create some clarity for marketers trying to get the most out of their efforts in 2019 and beyond.

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