Welcome to another edition of ASBN’s Small Business Show. Today, we’re pleased to welcome Melinda Emerson, also known as the Small Biz Lady, CEO of Quintessence Group, and best-selling author. In this episode, Melinda shares her valuable insights on entrepreneurship and small business success.
Emerson emphasizes the importance of giving practical and honest advice to small business owners, rather than providing unrealistic or wishful thinking. She urges entrepreneurs to be cautious of self-proclaimed experts without a proven track record and encourages them to thoroughly research and check references before seeking guidance.
Emerson also stresses the significance of building a strong personal brand to establish credibility and attract customers. Entrepreneurs need to be strategic and consistent with their content creation to gain recognition as a trusted authority. By effectively utilizing tools like AI and chatbots to enhance productivity, entrepreneurs can focus on core business activities and offer exceptional service to their clients.
When it comes to starting a business, Emerson recommends a prudent approach. She suggests becoming a side hustler first to understand market dynamics and ensure stable cash flow before transitioning to full-time entrepreneurship. She also advises aspiring business owners to save a significant portion of their income and consider buying existing businesses, especially from retiring baby boomers, which could offer a head start with existing customers and employees.
As for business financing options, she warns us of the dangers of over-borrowing. Entrepreneurs should avoid using personal assets like homes or retirement funds as collateral for business ventures. She advises small business owners to be cautious with credit lines, making regular principal payments, and not relying on them for extended periods of time.