Here are some of the key questions that I ask when someone comes to me for advice about starting a new business.

1) What differentiates your company from its competitors?

The point here is that if you think you can succeed just by doing what others do, then you’ve really got nothing to offer. You’ll just be another one of them.

2) How are you going to market your product or service?

I think of marketing as either billboarding or search.

Billboarding is putting you company out there for all to see (billboards, social media, radio and tv advertising, advertisements in publications, etc.). You’re hoping that when someone wants your product or service, they will remember that your company provides just that.

Search is being where people will look when they want your product or service. It used to be the Yellow pages. Now it’s Google, either via Google Ads or SEO. Ads is easier, SEO is very difficult.

We use billboarding (social media and trailer ads) for the school, Google Ads for our company registration business and SEO for our trust business (by publishing articles regularly). You need to think carefully before you make the call.

3) How are you going to manage the cash?

As soon as you allow credit, you are putting your money in someone else’s bank account. How dumb is that? “Please sir, would you pay me what you owe me, so that I can pay my staff salaries this month?”