Robert Shumake: Author and Philanthropist Provides Tips on How to Start and Run a Successful Business

May 10, 2021 6:00 PM ET

Robert Shumake International Businessman

Robert Shumake is a best-selling author, philanthropist, humanitarian, and successful businessman. The first and most obvious tip on starting and running a successful business is to get the company started.

Starting a business cost money. Unless you have a large sum of money hanging around, you need to find a way to raise the money. Of course, you always have the option of borrowing it from a bank. Although, finding investors is a better option.

Finding Investors to Start Your Business

Robert Shumake suggests starting a list of potential investors. Start with your family and friends. Then extend your list to network contacts. Be sure to ask all your potential investors to invite their family and friends to participate in your investment needs. You will find that most of your investors will at the very least have an interest in your business.

When you find yourself asking why should these people give me their hard-earned money? You should already have a couple of answers to that question. You may consider having something small to offer in return, such as a stock option if the business becomes an IPO or a tiny (such as 0.05%) interest in your business.

Many investors will want to be paid back and not be interested in your offer of a small business percentage, which works in your favor.

Starting Your Business

Once you have gathered all the funds to start your business, you need to find customers. Robert Shumake says your investors will come in handy again. Marketing your business is the only way to get potential customers. People must know your business exists. Ask your investors to spread the word either by mouth or on social media platforms.

Making Your Business Successful

Now that you have customers, you must provide them with an excellent product or service to keep the customers and gain more.

Robert Shumake suggests if you have a product, add wholesale services to your business. Create a list of other companies and people who may want your product and who could benefit from your product. For example, if your product is an office supply. Make a complete list of everyone who could use it, including all doctors’ offices to insurance companies. Then ask can a school benefit from my product or a restaurant and go through all the different types of businesses. Almost every industry has an office that uses office supplies.

The last step is reaching out to all the people and businesses on your list. Then, keep your product and business in the forefront of their minds, send or drop off a magnet or something with your info on it, and follow up with your customers and potential customers. Before you know it, you will have a successful business.

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