Drew Madden is an accomplished entrepreneur who enjoys advising new business owners. He recently gave a speech at a local college to business students. During this talk, he shared various tips for starting a successful small business.
Numerous people are interested in starting a company. With new technology, it is easier than ever to start a business. Many people want more flexibility than they currently have each day. Others want to focus on causes they are passionate about.
Some business ideas require a massive influx of capital. Drew Madden has worked with business owners in the past on securing capital for a business idea. However, he recommends that new business owners try to start a company with as little money as possible.
There are multiple reasons for his suggestion. Companies with high levels of debt are much riskier than companies that require a smaller initial capital investment. Some people end up highly in debt with a business that does not generate a profit. Numerous business owners have declared bankruptcy due to poor financial choices. Drew wants to prevent these issues by encouraging people to start a company with few capital requirements.
Another critical aspect of running a new business is advertising. Some people assume that customers will pay money for products or services as soon as the business opens. In reality, new business owners must spend a large percentage of their time finding new customers.
Online marketing is critical for new companies. There are multiple tools that business owners can use to increase sales. Drew enjoys utilizing social media to engage with customers. Many young people expect companies to interact with customers on social media.
Although starting a company has financial risks, Drew teaches students how to decrease these uncertainties. He has started multiple companies during his career. Although he made mistakes early in his career, he now manages numerous companies that produce healthy profits each month.