When it comes to money, nothing is more bipolar than the speed at which money moves – slower from your customer and faster when you transfer it to your bank account.
To speed up the movement, you must:
- Pre-educate your customers
- Set terms at the beginning
- Try to get as much upfront
- Get a credit card on record that is available to charge
- Call and ask: “What do I do to get paid quicker?”
- Make sure business model establishes your business as important
- Get Vinny from the Hell’s Angels gang – consequences agreed on beforehand
Branding – giving your business a unique identification in the marketplace – is always a challenge for small businesses. Do you brand yourself or your business? That is, do you put your name in the business or do you give your business a different name?
Donald Trump brands his name into everything while Richard Branson brands himself and the Virgin lines – his airline and records.
The main caveat for a service business is that to grow, the brand has to go beyond the individual, otherwise there will be a natural limitation. That is, if you put your name in there, everyone will want you. Even if you hire employees to help meet demand, customers will be disappointed if they don’t get you.
How to market to the younger generation? Facebook for sure. Twitter works with some niches. YouTube is a great way to reach young people.
JOYUS, originally Splendora, does videos for their products.