Monday 4 March 2024

How to Become an Social Media Influencer

When social media boomed in the 2010s and Instagram came into existence; it was one of the first channels in which ‘influencers’ found their footing. You could spot them with their 10,000 plus followers and coveted blue ticks (for verified) on their profiles. 

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In this group, we would have people, like Neil Patel or Jamie Oliver, who are experts in their own fields. Their word carries weight in their respective industries and hence, they add value to brands.
 
Realize that at some point, you need to either sell your company or pass your business on to a loved one. Create a succession plan within your organization. You need to recognize that when the time comes, you must protect your legacy and maximize your years of hard work.
 
For me, that was two years ago when I sold my controlling interest in CruCon to a $2B company. I then created SLC Group Holdings to invest in and mentor young entrepreneurs and help make all their dreams come true!

Tuesday 20 February 2024

Forming a Business Partnership

There are a lot of advantages to forming a business partnership. It’s an opportunity to combine resources, and that person likely has skillsets you don’t possess. Here are six things you should consider before choosing a business partner.

One of the most important aspects of a good business partnership is shared short-term and long-term values. This doesn’t mean you have to agree on everything but too many disagreements can hurt the business over the long term.

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There’s a lot of work that goes into running a small business, so you need to clearly outline the roles and responsibilities of both partners from the start. It can be helpful to outline a job description for both partners just like you would in a traditional job.
 
The goal of any business is to generate a profit, so it’s important to outline how you plan to manage business finances. This can be tough for some people but it’s important to talk through your ideas about money from the start.
 
The advantage of choosing a general partnership is that it’s fairly easy to set up. You don’t have to file with the state and there are no ongoing fees to pay. However, this type of partnership provides very little liability protection to both partners.
 
A limited liability partnership limits each partner’s financial responsibility to the business. This structure will provide the most protection to both partners.