Blog
Monthly blog posts from Jerome as a guest writer featured in Black Enterprise
Three Stages of Making a Sale to Significantly Increase Your Company Revenue
There are three distinct stages to any sale. Learn how to recognize and properly utilize them, and you will instantly start taking more cash to the bank. One day, Bill and Sasha walked into the office of a real estate agent. Judy welcomed them. Bill and Sasha told her they were expecting their first baby, and since they lived in a one-bedroom apartment, they were exploring the idea of buying their first house. Luckily, said Sasha, they had a few months to decide, so they weren’t in a hurry. Judy responded by pulling up a listing on the internet and saying, “I have the perfect house for you! Two bedrooms on a charming cul-de-sac. Let’s go look at the house right now—it’s only a few minutes from here.” Sasha replied, “Thanks, but we’re just starting to consider our options. Can you give us the listing information? We want to research the neighborhood, local schools, and taxes.” Judy tried to convince them to act now. After a few more minutes of this, Bill and Sasha excused themselves. But, Bill and Sasha didn’t go home. Instead, they went across the street to a competing realtor. Regina sat them down for a chat, just as Judy did. After hearing their situation, she replied, “I understand. Let me give you some information about the town.” They talked for a while. Regina never mentioned a specific house. Instead, she discussed the community, schools, and various churches. Upon leaving, Regina handed them her business card. “Please feel free to contact me with any questions,” she said. “I know this is a big step for you,... read more
Learn the Marketing Secret that Will Automatically Attract Customers
Are you tired of hunting for new customers? Learn the secret to make customers instinctively attracted to your business? In the old days, marketers went hunting for customers. Hunting meant identifying and then actively pursuing your target. You spotted the quarry, followed it, and squeezed off a shot. It was the ultimate form of interruption. The word “interruption” is key. This type of marketing was done aggressively, by interrupting the prospective consumer. We had television ads that interrupted your favorite program. We had door-to-door salesmen who knocked on your door just as you were sitting down to dinner. Then, when the salesman had left and you were just about to resume eating, a telemarketer would call you up. Because there was no caller ID, you felt compelled to answer the phone. All of these people were hunting for your business. They tracked you down and tried to get your attention. When life was slower-paced, it worked pretty well. You weren’t bombarded 24/7 by messages and media. You didn’t mind answering the door when the Avon lady knocked. Today, the problem is that it doesn’t matter how great your product or service is, because you, the advertiser, have become an unwanted distraction. Consumers throw away your direct mail pieces, hang up on the cold calls, and flip to one of the other five hundred or so channels at the commercial breaks during their favorite television show. They are constantly bombarded with thousands of advertisements and unsolicited requests. You have billboards, TV ads, internet ads, pop-ups, and even cell phone advertisements. There are now TVs at the self-service gas pumps. Recently, I... read more
Business Owners Beware the Danger of Diversification
Entrepreneurs must understand the potential risks associated with diversification by Jerome D. Love Posted: March 8, 2017 Among financial planners, it’s an axiom that investors should never put too many assets into one basket. Diversify, they say; invest in a variety of stocks, bonds, and perhaps, some gold or real estate. Diversification provides protection—for example, if the stock market collapses, your bond holdings will hold their value. But, does the same hold true for entrepreneurs who are trying to launch and grow their business? Should an entrepreneur seek to diversify his or her business, or do the opposite and remain laser-focused on their unique selling proposition? Stick With Your Skill Set A few years ago, I began to think about saving for my kids’ college education, so I sought a financial planner. When we met, he looked at my situation , and told me to establish a six-month cash reserve. I told him that I had a six-month reserve, but had chosen to invest it in real estate. I had bought a house, upgraded it, and nearly tripled my net worth. The house rented for $900 per month, providing a hefty 31% annual ROI. Prior to getting the house, my financial life had been unstable, as with most entrepreneurs. Some months I’d make a small fortune, and then I’d go three months with nothing, so it was hard to budget. I advocated for the real estate investment, as it provided a stable stream of income for me. I asked the financial planner, “Are you telling me that was a bad investment?” His reply was, “Just don’t... read more
Are You Ready to Start a Business? Recognize the Signs, It’s Time to Launch
In business and life, timing is everything. Here’s how to recognize the signs it’s time to launch your business and what to expect along the way. Many entrepreneurs start businesses with big dreams. That’s how it should be; you need a big dream to propel you forward. Then reality smacks you in the face. Suddenly your dream turns into a nightmare as your baby business, which you lavished your precious love and resources, hemorrhages cash. Instead of providing you with life-sustaining income, it looks like you’re headed for ruin. Some dream, right? I know the feeling. May 2004, as the first Texas Black Expo came to a close, I was devastated. I had worked an entire year thinking I would make a profit. Not only was I not getting a check, I was in the hole over $100,000. I remember looking in my wife’s eyes as she held our six-month-old daughter. “What are we going to do?” she said as tears gathered. “I guess I’ll go back to work.” How could I respond? I did what any good businessperson does. I said, “Babe, don’t worry. I got this.” Truth was, deep down, I had no clue how we were going to survive. Our story has a happy ending. I stuck with the business, and today the Texas Black Expo is going on its 14th year, and we’ve grown to be the largest African American empowerment festival in Texas. Secrets to Surviving the Tough Times Building a business is hard, and you need to know when to launch it properly. Here are the signs, based on my experience, that you’re ready... read more