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123 Profit Reviews – Critical Customer Update! Is It Legit or Waste of Money?

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123 Profit Reviews - Critical Customer Update! Is It Legit or Waste of Money?

What Is Inside The Newly Launched 123 Profit Module?

The 123 Profit program is an intelligent combination of eight components that helps you in making the most out of it. Let’s take a brief look inside all those eight components and know how each of them will help you in being better at marketing and business.

Component 1 – Mission Control

Mission control is a private member area with more than 100 clear and concise step-by-step videos that will make you understand the working of the system without having any prior experience.

Component 2 – The Live Coaching

This section contains webinars, zoom calls, and live question & answer sessions with Aidan and other team members. You will get multiple sessions every week and all of them will definitely help you in pushing your business forward.

The good thing about this is that all of these live sessions will be held in varieties of time frames which means you can easily join from every corner of the globe. Moreover, if you miss out on any of them then you can access the live recordings posted in the mission control area.

Component 3 – The $50k Case Study

In this component, you get access to all the video series and secret documentation that will help you in getting access to the inner workings of a high-profit campaign. Broadly, you get access to the case study that tells you everything about how the 123 Profit team managed to generate $50,681 in just a duration of 50 days.

It is easy to access. As soon as you purchase the 123 Profit online course you will get access to all of it.

Component 4 – The Profit Suite

This component is 123 Profit’s private tool kit that has enabled them to come up with profitable pages, and funnels and send high-converting emails to boost their income. Through this, you get access to ‘The Masterlist’ which is the top vault of 123 Profit’s top-paying offers.

The next is ‘Profit Phantom’ which will enable you to set up and run your business at an ultra-rapid rate. The last one is the ‘Mail Machine’ which is an all-in-one email marketing system that will help you in targeting the right audience with effective methods.

Component 5 – DFY Confidential

This component contains the 123 Profit team’s private selection of done-for-you pages, emails, and other content that has been designed to boost your business’s success. With access to this section, you can thoroughly understand the entire working mechanism of 123 Profit.

Component 6 – 7-Figure Accelerator

The sixth component will provide you with step-by-step scaling secrets to take your business to the top level with proven traffic and marketing strategies. You are going to receive a full-proof plan from the 123 Profit team which will help you in boosting your conversions and earn extra commissions.

Component 7 – The 123 Live Event

Accessible for the exclusive members, component seven has a 2-day online live event with inner circle secrets and expert speakers. Held on the weekends, these online live events will equip you with all the necessary motivation and knowledge about how you can set up your own online business.

Component 8 – The Private Network

This component is there to help you grow your business in the best way with 24/7 exclusive support and an assistance network of the 123 Profit team.

Overview of 123 Profit
Name of the Program 123 Profit
Program Category Online CPA marketing course.
Description Of Program It is a program for providing people with guidance and advice about the 3-step system business model.
Availability Of Bonus Products There are 3 bonuses available with a retail value of $2000.
Features/Highlights Of 123 Profit
  • Easy to understand.
  • Detailed discussion about various effective methods for setting up an online business.
  • Effective results in a short duration of time.
  • High conversion rates.
  • Interactive live sessions.
  • Where Can You Access It? On the official platform for 123 Profit.
    Availability On Third-Party Platforms (Coursera, Udemy, etc.) It is only available on the 123 Profit official website.
    Makers/Creators Aidan Booth
    User Reviews The 123 Profit online course has gained positive reviews from all around the internet.
    Official Website Click Here

    About The Creator Of The 123 Profit Online CPA Marketing Course

    123 Profit has become the talk of the internet and all the credit for the same goes to its creator Aidan Booth, Steve Clayton, and their team. As mentioned in the course, Aidan Booth owns multiple ventures that collectively make 8-figures each year. With his team of 100 employees based in the United States and around the world, he has cracked down the code of making a living online.

    As mentioned in the online guide Aidan had a very modest beginning. With a debt of $90,000, he tried to start his first online business in 2005. His first online venture was about selling electronics on eBay. After this he tried to sell flowers online, promoting local dance classes, and gradually he went on, to begin with, other online businesses.

    His constant determination, participation, and hard work led him to something concrete. After experimenting and taking multiple online training programs for two years he began to see some fruitful results. He started by making $100/day and gradually moved to $500 each day, and more.

    It wasn’t long before he became both financially and geographically independent. Presently, Aidan travels all around the world while running his business and with a few hours of work every week. His business successfully generates thousands of dollars per day without any kind of direct interaction from him.

    With 123 Profit in the market, Aidan and Steve are now trying to teach everyone the tips and tricks of building a successful online business.

    What Is The Working Mechanism Of 123 Profit’s 3-Step System?

    The first step in implementing the formulas mentioned in the 123 Profit online guide’ is to understand the entire working mechanism of the same. To do that, first, you need to understand the overview of Aidan’s business model. As explained in the course it goes something like this:

    • A potential customer visits your website.
    • Your webpage contains an “offer” (created by another company) with a “call to action.”
    • That “call to action” can be anything between submitting an email, ZIP code, or some basic information.
    • If the process is completed by the visitor then they are successfully converted into leads and you receive a commission.
    • There you go! That’s the basic trick for starting your digital marketing online business.

    As explained by Aidan in both guide and session, the payment from every company may vary. While some may pay you up to $185/lead, others may settle to pay a smaller amount per lead. Either way, you can easily generate numerous leads and earn a good amount for your business.

    By following this procedure, you save a lot of time and resources. You are neither selling nor buying anything. Hence, no need to maintain inventory, customer support, or products.

    How Does The 123 Profit 3-Step System Work?

    In his course 123 Profit, Aidan talks about his 3-step system for starting a successful online business. It is an easy and thorough guide and one can easily earn a lot by following them.

    That being said now let’s take a brief look at all those three steps:

    Identifying Your Winning Offer.

    The first step in setting up your website should be to spot and identify a high-converting offer that you will promote on your website. To do the same, you need to sign up for an offer network. These offer networks are a pandora of all the exciting opportunities from every niche and payouts present all over the internet.

    With the Live Profit Lab Session, you can easily find some of the great networks recommended by Aidan himself.

    As the internet is a vast plec, the niches of these winning offers can vary from credit repair to anti-aging cream. If you attend the Live Profit Lab Session, you can see Aidan identifying winning offers in real-time.

    Put Up Your Easy To Navigate Webpage

    Once you are done choosing a winning offer for yourself, the next thing is setting up a simple and uncomplicated webpage. You can do it on your own, as there is no need for design experience or coding knowledge to design a simple one.

    In the book, Aidan recommends designing a webpage that is plain, easy to navigate, free of distraction, and features an obvious call to action. The next thing you will need is the maximum rush of visitors to complete the call to action.

    Attract Visitors And Gain Profit

    The last and final step is to drive traffic to your webpage and convert them into the medium of your profit. It is also advised first to weigh your budget and offer before choosing to work with free traffic or paid traffic.

    Aidan in 123 Profit has pointed out all his super-effective traffic generation tricks that work in a matter of a few hours. In the beginning, you just need to spend between $5 to $15 per day on that traffic.

    Top Pointers To Learn From 123 Profit Program

    With the launch of the online course the goal of Aidan was to teach people about a unique business system that will easily generate $183,103 per month using a very simple webpage. After going through the entire online guide, you will be able to understand the entire business model better and also the implementation of the same for your business.

    Here are some of the beneficial pointers you can learn from the online CPA marketing course:

    • Tips and tricks from Aidan Booth and his 123 Profit team on how they successfully generated a 3-step system that is capable of making a profit of $10,914 per day and more than $183,000 per month.
    • A detailed guide on how you can implement this 3-step system in your business using plain web pages.
    • A complete brief on how Aidan constructed a consistent 7-figure online income stream without selling anything.
    • Secrets to earning $1000 per click with a conversion rate of 67%.
    • A brief view of the inner workings of a hyper-successful $50,000 campaign, including behind-the-scenes.
    • An inside look at how this 3-step system is better than the other online business models.
    • 3 classified sources of internet traffic are used by Aidan and his team to attract traffic to their webpage.
    • You can easily get a detailed idea about everything related to launching an online business in ‘The Big Secret.’ In addition to that, you can learn more in-depth with the Live Profit Lab Sessions, which you can attend either before or after reading this book.

    Why Really Does 123 Profit Favor CPA Marketing Over Others?

    The Commission Per Action (CPA) model of affiliate marketing is quickly gaining traction amongst advertisers as a way to maximize profits.

    Unlike other models of affiliate marketing, CPA is extremely targeted and requires minimal effort to generate much higher returns. Here’s a look at why choosing CPA over other models of affiliate marketing was the right decision for 123 Profit and why it could be the same for you:

    More Accurate Tracking Capabilities

    Using CPA marketing allows you access to more accurate tracking capabilities which helps ensure that your efforts are accurately measured and credited when generating conversions and sales from your campaigns.

    This is important because accurate tracking can help identify opportunities for improvement in key areas of your campaign strategy – allowing you to optimize performance and maximize return on investment (ROI).

    Flexible Payment Options

    Lastly, many CPA networks offer flexible payment options such as PayPal or wire transfers which help speed up the payment process and make it easy for affiliates to receive payments quickly and securely.

    This appeals greatly to many affiliates who need their payments fast in order to commit additional funds toward the development of new campaigns.

    Higher Revenue Potential

    One of the most attractive aspects of CPA is its potential for generating high revenue with minimal effort. In traditional forms of affiliate marketing, such as pay-per-click or pay-per-impression, advertisers must constantly maintain campaigns and ensure they are profitable.

    With CPA, you only need to focus on one task – driving conversions – which increases your chances of maximizing returns.

    Cost Per Acquisition is More Profitable Than CPC Models

    When compared to other forms of affiliate marketing, like cost-per-click (CPC) models, CPA marketing tends to be more profitable per acquisition.

    This is because the advertiser pays an affiliate commission each time their encouraged visitor takes a desired action (known as ‘Converting’). This action might include signing up for a newsletter, completing a survey, downloading an app, or even making a purchase.

    More Control Over Your Campaign

    Because CPA campaigns are extremely focused, you can exercise more control over them than any other form of affiliate marketing. You can determine the type and quality of traffic that goes through your campaign and refine it until it becomes profitable for you.

    This allows you to save yourself time and maximize your earnings from every campaign, something that’s impossible with traditional forms of affiliate marketing.

    Greater Visibility Into Your Campaign

    Unlike pay-per-click or impression-based campaigns, where all traffic sources are lumped together into one big total, you get a better picture of how well each source performs when using CPA campaigns due to their granular nature.

    This additional insight helps you make better decisions regarding targeting audiences and injecting capital into successful channels while cutting those that aren’t performing well or are unprofitable.

    Multiple Forms Of Revenue Sources When Combined With Other Models Of Affiliate Marketing

    Another great thing about CPA Affiliate Marketing is that by combining it with another model of affiliate marketing, like cost-per-click or banner ads, you can create multiple sources of revenue from just one channel. This way, there’s less need for direct investment which makes it much easier to manage your resources and still maintain healthy profits.

    Why Choose To Be An Affiliate Marketer and Start With 123 Profit?

    Being an affiliate marketer is a great way to start earning passive income without ever needing to create a product. With the right tools and resources, you can make money from almost any corner of the world. 123 Profit is one such service that makes it easy for anyone to become an affiliate marketer and start generating revenue with just a few clicks of the mouse.

    You Enjoy Flexibility

    Being an affiliate marketer gives you the freedom of location and timing that traditional jobs don’t offer. You can work anytime and from anywhere as long as you have access to a computer and an Internet connection. This means that if your life allows it, you could take long trips or even become a digital nomad if that’s what appeals to you most.

    Affiliate Marketing Requires Minimal Investment

    One of the great things about becoming an affiliate marketer is that it requires very little start-up capital investment in comparison to other business models both online and offline.

    You Work at Your Own Pace

    You have full control over the amount of effort dedicated towards your work as an affiliate marketer, so there will never be any outside pressures pushing you towards unrealistic goals. This allows you to find a balance between taking care of yourself while also increasing your revenue over time!

    No Need to Deal with Customers Directly

    A downside of some business models is having to deal with customer complaints, refunds, returns, etc., but fortunately, these are not issues when it comes to being an affiliate marketer since all these tasks belong to whichever company/product/service was promoted by the marketer.

    What Happens In The Next Step Of Live Profit Lab Session?

    Once you have completed the 123 Profit’s course, you might want to go for the Live Profit Lab Session.

    The Live Profit Lab Session is a very helpful follow-up to the program 123 Profit. You can either attend the session before or after completing the course.

    Now, the question is what will happen in these Live Profit Lab Sessions? Here’s the answer to the same.

    During the Live Profit Lab Session Aidan will discuss the 3-step system that was used by him and his team to generate $10,914 per day and $183,103 per month without selling anything.

    He will also discuss the reasons behind them having a conversion rate of 62% and earning $1000 per click, which is much higher than the average 3% conversion rate.

    Aidan will also tell his audience about the secret to unlocking a private ‘automation suite’ and get an easy way to success.

    For getting information about the next Live Profit Lab Session, you can visit the official website of 123 Profit and register yourself.

    What Do 123 Profit Reviews Say About The Model?

    There are thousands of 123 Profit reviews present on its official website. There are several people who have really appreciated and admired the entire process and mechanism of 123 Profit.

    Brett T. from Australia wrote, ‘Steve and Aidan deliver in bucket-loads and genuinely care about the outcome for their students. At 62, this is my retirement plan, a consistent cash flow that will never run out, at least not while people shop online!’.

    Mike C. from the USA wrote, ‘With Steve and Aidan’s training, we created a new business and grew from no revenue to over $1M in sales. They know their stuff, are fun to work with, and most importantly, their strategies work!’

    These are only a few of the stories. More 123 Profit reviews can be found online, and they all share the same sentiments and detail how the company has aided other businesses in expanding their reach.

    What Is The Cost Of 123 Profit Program and Does It Comes With A Refund Policy?

    There are two ways through which you can purchase 123 Profit guide and start making money.

    Option 1:

    With an instant discount of $491, you can make a one-time payment of $3497.It is the option taken by a majority of people out there.

    Option 2:

    In this option, you make the payment in installments. You make four payments of $997, one payment on the day of purchase, the second payment within 30 days, the third payment in 60 days, and the final payment in 90 days from the date of the purchase.

    Moreover, the company offers you 30 days 100% money-back guarantee. Therefore, if you are not satisfied with the online course, you can easily ask for a refund within 30 days of your purchase.

    Final Verdict on 123 Profit

    The 123 Profit system has become an instant favorite of everyone out there. With its intensive and detailed guidelines and sessions, the online course has made everything very possible for all those aspiring online businessmen.

    According to many 123 Profit reviews present all over the internet we clearly get to see the improvements and success of different people with businesses in varying niches.

    Join 123 Profit Right Now Before It Closes FOREVER!!

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    How I Hit $100 Million in Annual Revenue By Being More Transparent

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    How I Hit $100 Million in Annual Revenue By Being More Transparent

    Opinions expressed by Entrepreneur contributors are their own.

    It’s a common nightmare — you’re walking through a busy hallway or giving a presentation only to look down and find yourself completely naked.

    We’re inherently fearful of revealing too much about ourselves, and as an entrepreneur, this likely extends to your business as well.

    But based on growing my own business from nothing to over $100 million in annual revenue, I can tell you less is not more when it comes to business transparency — more is more. Being open builds trust, and trust fosters customers and relationships in droves. The only exception is not giving away your trade secrets to competitors.

    Here are three effective ways to build trust with clients and prospects by being more transparent (without leaving you feeling nightmarishly over-exposed).

    Related: How Transparency In Business Leads to Customer Growth and Loyalty

    1. Increase sales by 18% or more by increasing your Google reviews

    Nearly everyone reads reviews before purchasing. One study found a whopping 93% of people read reviews before making a purchase, and on average, reviews produce an 18% uplift in sales. In today’s online landscape, people put almost as much weight on a Google review as they do on a personal recommendation.

    The best way to increase your reviews is to simply ask! According to research, 70% of consumers will leave a review for a business when asked.

    About four years ago, we had 486 reviews after servicing more than 90,000 clients. We started using Podium to send out texts or emails — based on customer preference — asking to leave a review on Google, the Better Business Bureau and Trustpilot.

    By May 2024, we’d accumulated 2,312 five-star reviews, an increase of 375%. Keep in mind that our account managers have been very diligent about sending review requests to clients and only ask the clients most likely to give positive responses.

    Another good way to increase reviews is to automate postcards at the close of an order thanking someone for their business and encouraging them to leave a review. A physical mailer is likely more effective than an email — one study that surveyed 1,200 consumers found that 76% trusted direct mail the most as opposed to online methods.

    You might be wondering, “What about the negative reviews?” You’re always going to have a handful of bad reviews, but people look at the ratio of good vs. bad. If you have far more five-star reviews than one-star reviews, they’ll disregard the negative ones and assume it’s not the norm.

    2. Improve lead generation by 105% by sharing your clients’ success stories

    Sharing real marketing results has always been a priority for my business, PostcardMania. We currently have 944 marketing case studies and 139 video case studies that document real people sharing campaign specifics that led to more leads, revenue and new customers for their businesses.

    We share these case studies far and wide with prospects via email and postcards in the mail to increase trust. But more recently, we began incorporating these stories into video social media ads. During a recent earnings call by Meta, CEO Mark Zuckerberg said 50% of all people’s time on Facebook and Instagram is spent watching videos, so naturally, we went that direction to gain more eyes on our services.

    We put our 139 video case studies — real business owners talking about their successful campaigns — to work for us on Facebook and Instagram.

    As a result, our social media leads doubled. In 2022, our average number of social media leads per week was 174, and then in 2023, the average lead count increased to 356 a week! That’s a 105% increase.

    Of course, our use of social media in this case is part of a larger multi-channel marketing strategy that ties direct mail and digital ads together, so I suggest a similar approach if you want to see the same results (we’ve actually packaged our successful approach into a single affordable marketing bundle called Everywhere Small Business due to high demand from our clients to replicate this method). Campaigns that uniquely combine print and digital advertising using hyper-targeted mailing lists and lookalike audiences have been proven to work time and time again, so I highly recommend them.

    It doesn’t matter what industry you are in, your customers’ success stories can be compiled and incorporated into your marketing plan to grow your customer base.

    Related: How Problem-Solving Case Studies Help You Market Your Business

    3. Convert prospects faster by dropping the velvet rope and inviting them in

    Being transparent online will help build a positive image of your brand and bring in more customers — but you can also take this one step further and let prospects visit your business and interact with your products or services in person. One report revealed that 79% of customers want brands to go above and beyond what they are required to reveal and give more information, with two-thirds of them saying they would switch brands for more in-depth data.

    At PostcardMania, we welcome clients to visit us and take a tour of our in-house printing facility. We also have a marketing conference twice a year where clients can meet their marketing consultants face-to-face and learn more about our business behind the scenes. These clients often end up being some of our best and longest-lasting relationships! You can do the same by hosting an event and opening your doors to the public. It doesn’t have to be a conference — you can start small with something as simple as a night of snacks and entertainment.

    Related: 3 Ways to Personalize Your Marketing for Higher Engagement

    Free samples are also a great way to show customers exactly what they are getting before they make a commitment. This doesn’t always apply to every business, but you can try to find a way to allow prospects to interact with your product or service on a deeper, more physical level.

    Incorporate any of these tactics, and you’ll show prospects the most authentic side of you and your business. Believe me when I say trading in your fears about being super transparent for bold authenticity will reap real rewards in long-term growth and customer loyalty.

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    The 10 Best and Worst States to Start a Small Business

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    The 10 Best and Worst States to Start a Small Business

    There are many important things to consider when launching your own business or side hustle, and location is at the top of the list. Local and state laws can mean different taxes, zoning regulations and licensing requirements, so it pays to be strategic about your choice of state, city and even neighborhood, according to the U.S. Small Business Administration.

    Related: 5 Things Not to Do When You’re Running a Small Business

    After all, some 20% of new businesses fail within the first two years of being open, according to the U.S. Bureau of Labor Statistics (BLS). The BLS also found that 45% of businesses fail within the first five years. That number jumps to 65% after 10 years.

    Capital on Tap, a company that offers a credit card and spending management platform for small business owners, analyzed BLS data to determine the percentage of startups that are still active after three years — and broke down the U.S. states with the highest and lowest chance of survival in three- and five-year time frames.

    “There are over 30 million small businesses in the U.S., making up an enormous percentage of the economy, and as this number continues to grow, so will innovation and commercial drive,” says Damian Brychcy, chief executive officer at Capital on Tap. “This research should serve as a positive sign to entrepreneurs in the top ten states who are thinking about starting a business.”

    Image Credit: John Coletti | Getty Images. Boston, Massachusetts.

    Qualities of business-friendly states

    Before diving into the data, it’s important to consider what factors make a state attractive for new business owners. And it’s about more than just starting a business. The following factors can help keep small companies afloat and lead to ongoing success:

    Taxes

    Perhaps the most important factor of all, a business-friendly tax environment can keep costs down and put more money in your pockets. There are payroll, employment, income and corporate taxes to worry about, all of which can affect decisions around hiring and expansion. Some states also offer tax incentives for small businesses, which can remove expensive hurdles. Reviewing a self-employed tax schedule in your area can help.

    Workforce

    If you want to run a healthy, growing business, you’ll almost certainly be hiring employees. The best states for small businesses will have a plethora of available talent and a workforce with high levels of college education. Starting a business near a college or university can also attract interest from recent graduates. This is especially prominent in the technology industry.

    Regulations

    State policies regarding small businesses involve more than just taxes and deductions. Government programs can offer business owners grants and loans and incentivize investment from larger funders. Compliance is another factor. States can lower the costs of business by removing regulatory red tape, such as required government approvals or clearances.

    Growth potential

    You want to start your business somewhere it can thrive in both the short- and long-term. A number of factors can support this — for example, funding, investment in infrastructure and livability. A close proximity to sources of financing can help your company grow, as long as the area can support your workers and their families. States and cities with a low cost of living, good schools and solid infrastructure will not only attract talent but keep it.

    U.S. states/territories with the highest rate of small business survival, per Capital on Tap 

    State

    1year average (%)

    3year average (%)

    5year average (%)

    Massachusetts

    81.91

    64.96

    54.38

    Wisconsin

    81.13

    64.93

    54.97

    South Dakota

    80.44

    64.03

    54.88

    Minnesota

    80.96

    63.97

    53.51

    Iowa

    80.85

    63.71

    53.65

    North Dakota

    79.55

    63.63

    53.98

    Pennsylvania

    80.69

    63.51

    53.18

    Montana

    79.60

    62.79

    53.03

    Hawaii

    79.37

    62.22

    52.21

    North Carolina

    79.85

    61.91

    51.25

    Massachusetts

    With elite universities, a thriving tech hub, a strong economy and a highly educated workforce, Massachusetts tops the list. Nearly 82% of small businesses survive their first year. Boston is also a growing hub for STEM jobs and is home to many investors and potential employees. The state also boasts a strong Economic Development Incentive Program (EDIP) that provides tax and property incentives for job creators.

    Wisconsin

    Not only does Wisconsin have a relatively low cost of living, but the state has one of the nation’s best public university systems (read: highly educated workforce) and a business-friendly government that offers tax credits, low-interest loans and grants to small companies. Wisconsin also runs a public-private capital initiative through the Wisconsin Economic Development Corporation (WEDC), which recently announced a $100 million investment in the state’s startups.

    South Dakota

    Taxes are the big selling point for starting a business in South Dakota. With no corporate income, personal income, property or business inventory taxes, the state makes running a small company affordable for owners. The state is highly affordable and has very few regulations, both of which lower overall business costs.

    Minnesota

    Almost 81% of small businesses survive their first year in Minnesota, a feat that can be credited to the state’s supportive business environment, educated workforce and relative affordability for a high quality of life. Minnesota also has nine small business development centers throughout the state, which offer consulting, mentoring, networking opportunities and access to capital.

    Iowa

    With a high quality of life and low cost of living, Iowa is an attractive place to start and expand a small company. One of the biggest factors is extremely low energy and utility costs, which is especially important for manufacturing. Iowa cities also offer property tax incentives for small businesses and some of the nation’s lowest workers’ compensation costs.

    U.S. states/territories with the lowest rate of small business survival, per Capital on Tap 

    State

    1year average (%)

    3year average (%)

    5year average (%)

    Washington

    75.12

    54.60

    42.75

    District of Columbia

    76.04

    54.73

    43.73

    New Mexico

    76.64

    56.58

    45.58

    Florida

    77.00

    56.82

    44.95

    Nevada

    77.18

    57.38

    46.79

    New Hampshire

    76.65

    57.52

    46.63

    Arizona

    77.34

    58.00

    46.74

    Tennessee

    78.46

    58.21

    46.81

    Arkansas

    77.64

    58.24

    47.25

    Rhode Island

    76.76

    58.30

    47.75

    Washington

    Less than 43% of new businesses in Washington are still running after five years, thanks to expensive real estate, complex regulations and the nation’s highest statewide minimum wage ($16.28/hour). The state’s business and occupation tax is also calculated based on gross receipts, not overall profits, so businesses with slim margins will especially struggle.

    District of Columbia

    Washington, D.C., is one of the most expensive metro areas in the country, both in terms of real estate and overall cost of living. That means high salaries and high rents for offices or storefronts. The city’s business income tax and regulatory requirements are also relatively high, both of which can cut into profit margins.

    New Mexico

    High unemployment rates and limited access to capital make New Mexico a challenging state to open a small business. Skilled workers are lacking compared to surrounding states, and complex regulations can be a burden for business owners. More than 23% of small businesses fail within their first year.

    Florida

    Although Florida claims to be a thriving hub for entrepreneurs and small businesses, the data tells a different story: More than 55% of small businesses fail within five years. One of the biggest factors is the increasing frequency and severity of hurricanes, which has led to rising insurance costs. This affects both the available workforce and a company’s bottom line as premiums skyrocket.

    Nevada

    Almost 23% of new businesses fail within their first year in Nevada, and that’s despite no corporate or individual income taxes. Part of the challenge is local governments: regulations vary widely depending on your city of choice, with different requirements for specific licenses and fees. A heavy reliance on tourism can also backfire when travel to the state falls off, such as during the pandemic.

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    How the Peak Travel Season Will Impact Payment Fraud

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    How the Peak Travel Season Will Impact Payment Fraud

    Opinions expressed by Entrepreneur contributors are their own.

    Summer is just around the corner, and with it comes an influx of vacationers ready to explore new destinations. As the summer travel season begins, businesses operating within travel and hospitality must adopt robust strategies to manage the anticipated increase in transaction volumes and fraud risks. These strategies must also effectively manage disputes and chargebacks during a peak travel period that’s expected to break records.

    Americans are still choosing to prioritize their vacations despite challenges like international unrest and rising prices. Projections from the Transportation Security Administration (TSA) suggest we’ll see a record-breaking summer travel season in 2024, with officials anticipating the busiest travel season ever.

    52% of consumers say they plan to travel as much in 2024 as last year, with another 40% saying they expect to travel even more. These prospective travelers already have significant budgets set aside for these trips.

    Millennials and Gen Z are the driving forces behind this trend. People in this cohort tend to prioritize experiences over material goods and seek a healthy work-life balance to explore new places and cultures. They’re also heavily influenced by social media, where many influencers showcase travel as part of an aspirational lifestyle.

    This surge in travel drives global business at every level of the economy, but it also creates a heightened sense of risk. For businesses, effectively managing fraud and chargeback risk year-round is crucial to navigating the travel space.

    Let’s explore the best strategies and tactics for managing these threats, whether in-house, hybrid or outsourced, and why asking for help might be the most effective course of action this year.

    Related: How a Bad Billing Descriptor Can Cost You

    The challenges ahead

    While a travel boom is fantastic for businesses and local economies, it poses significant challenges that underscore the necessity of comprehensive fraud and chargeback management. An exceptionally busy travel season can aggravate existing chargeback triggers already intrinsic to the travel space. We may see:

    1. Increased Transaction Volume. The sheer volume of transactions during peak travel seasons makes managing and monitoring every transaction closely difficult. This increased volume can overwhelm internal systems, leading to errors and delays in handling disputes, contributing to more chargebacks.
    2. Fraudulent Activities. Fraudsters take advantage of the busy season, knowing that the high transaction volumes can mask their activities. From fake travel deals to phishing emails, the types of fraud targeting travelers are diverse and sophisticated, increasing the likelihood of chargebacks from unauthorized transactions.
    3. Overbooked Flights and Hotel Shortages. High demand can lead to overbooked flights and sold-out hotels. When travelers are bumped from flights or denied rooms, dissatisfaction spikes. So, too, does the number of chargebacks as customers dispute charges for services they didn’t receive.
    4. Poor Customer Service. Understaffing is common during peak periods, resulting in longer wait times, unresolved complaints and poor service. Frustrated customers often turn to chargebacks to resolve their grievances when they feel neglected or mistreated.
    5. Operational Strain. Handling a surge in transactions requires a well-prepared operational setup. Without it, companies might fail to process payments and refunds promptly, further aggravating customers and leading to more disputes and chargebacks.
    6. Financial and Reputational Impact. Chargebacks result in financial losses due to refunds and fees. However, they also damage a company’s reputation with customers and hurt their relationships with financial institutions. High chargeback rates can result in higher processing fees and, in severe cases, the loss of merchant processing privileges.

    Considering what’s at stake, you can see why it’s incredibly urgent to prioritize effective chargeback management. Aside from saving time and money, it can also help boost customer trust during the peak travel season.

    Managing chargebacks: In-house, hybrid or outsourced?

    Travel operators can adopt one of three chargeback management strategies to handle the increased demand and the potential challenges outlined above.

    First, they can manage everything in-house. This involves maintaining a dedicated team to manage disputes, enhance customer support and refine fraud detection systems. While this approach offers direct control, it can be resource-intensive and requires constant updates and training to stay updated on new fraud tactics and regulatory changes.

    A second option is to outsource everything. This allows travel companies to benefit from specialized expertise and advanced technologies without the burden of maintaining an in-house team. Third-party providers can offer scalable solutions, real-time fraud detection and comprehensive chargeback prevention strategies. However, it can also mean that merchants lack insight.

    As a third option, merchants can try taking a more hybrid approach. Combining internal efforts with external support lets businesses leverage advanced technologies and knowledge from third-party providers while retaining some control over the process. This approach provides a balance between direct oversight and external expertise.

    Related: How to Fight Fraud and Chargebacks Should Regulation Fail

    Industry collaboration

    As we gear up for a record-setting summer, it’s clear that improved industry collaboration could be the key to addressing fraud and chargebacks.

    We could consider the transformative potential of open data and artificial intelligence (AI) within the tourism industry. Combining an open data strategy with AI can enhance decision-making processes, helping to personalize customer experiences and optimize operations.

    By harnessing open data, businesses can gain valuable insights into traveler preferences and behaviors. This insight can be refined using AI to forecast trends and tailor services.

    Related: Think You Can’t Win Against Chargebacks? Think Again.

    Open data and AI will have a much more symbiotic relationship in the future. The kind of collective effort that open data demands will create a more secure environment for our customers and protect our businesses from the financial strain of chargebacks. These technologies promise to boost efficiency and innovation in tourism, help manage threats and enhance the overall travel experience.

    Ultimately, travel operators need to be proactive. By adopting the right strategies and fostering collaboration across the industry, operators can thrive during this busy travel season and create a better experience for all travelers.

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