by BJ Murphy
Note: These four tips were compiled based on the interview I did with Algenon Cash: Locked In with Algenon Cash. Listen to it on the BJ Murphy 360 podcast or watch on YouTube.
Raising Capital
Once you identify a viable business, you need to have a plan of how to go about getting funds to start up. Be clear about whether you will use savings, partner with an investor, or borrow from a financial institution.
Anyone looking to start a business should be aware that one of the most significant challenges that start-ups face is capital. No matter what industry you’re in and no matter what size firm or company that you’re trying to create, capital will be needed at some point because it is the lifeblood of any business.
Keeping Pace
In some industries, there’s always something going on or some disruption that may be occurring, and you have got to be very proactive about keeping up to date. For instance, if you’re in retail right now, the whole landscape is being reshaped overnight: malls are closing, and consumer behaviors are shifting at lightning speed. Your financial forecast must consider competition and new developments in the industry.
Competition
Business owners sometimes underestimate the amount of competition in almost any industry you can think of. Identify your niche and be very creative about how you get your message out about what makes you different, i.e. what is your unique selling proposition?
Social Media
Social media can be very powerful in getting your message to your prospective customers and future brand ambassadors. Getting started with social media is inexpensive to free. Choose your top two or three platforms, develop a strategy, and execute your strategy on a daily basis. One of the best values of focusing on social media for your brand is the two-way connection you can build with your audience. In other words, you can't talk to a billboard or a newspaper, but you can have a dialogue on social media. This helps to create a "like, know, and trust" feeling about your brand that cannot be replicated.