​I am looking to get a loan for my business. I have not borrowed money before and, quite frankly, I’m not sure what my credit looks like. Can you assist?
Getting other people’s money requires some effort. Lenders look for some tool to help them make a decision, and if it’s a banker, they want to see your credit-worthiness, among other items. Consider these tips to help with understanding your credit. Read more..

I’m getting ready to make a push for new customers in the fourth quarter of this year. One tool I’m using to generate new customers is email marketing. Do you have any advice to offer on building my email list?

Consider these tips for building your email list:
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• Say what? What will you say to get individuals to open your email or even subscribe to your email list? As you build your list, you should also be building compelling content. Also, consider, what call to action you want individuals to receive upon opening your email.

• Back in the day. Going to conferences, networking at business events and word of mouth still work as channels to meet new people. Utilize these channels as a source to build your list. Do you have marketing tools like a business card that can direct people back to your website or social media sites? Once there, they can explore your compelling content and decide to join your list. If you have a robust email marketing platform, you can add text or a QR code to the back of your card, giving individuals a way to join right away.

• Get heard. Instead of talking to individuals one-on-one, consider making a statement in front of an audience in your industry as a guest on a radio show or as a columnist in a local newspaper. Now that you have their attention, educate them on your compelling content and interest them in joining your list.
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Omar Muhammad, who heads the Morgan State University Entrepreneurial Development and Assistance Center, can be reached at omarsmuhammad@gmail.com.

In my first business, I did very little research on my audience before jumping in. How do I find information on my target market?

Understanding who will buy your product is important as you develop marketing strategies to reach them. Consider these tips in defining your target market:
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• Who are they? If you are an existing business, you have the key to unlock the door. Survey those individuals to see who they are. New businesses can do the same. Identify who you believe is your target market and send out electronic survey questions to pinpoint who will buy from you. As you do this, make sure you have an incentive for those completing the survey. Keep the survey short with questions about gender, ethnicity, age, ZIP code, etc. You may also want to explore secondary resources such as factfinder2.census.gov. Read more...

My business partner asked me to write in for help. I’ve worked two years without taking a vacation or even a short break. Can you convince me that a break is necessary?
Only you can decide on your course of action. However, I will provide some tips, and it’s up to you to move to the next level. With that said, consider these factors when you’re thinking about taking a break.

• Healthy you, healthy business. Let’s do a survey. Find five entrepreneurs who have taken a break from their businesses. Ask them about the benefits refueling has offered them and their businesses (increased energy, better health and more focused ideas for current and future products, to name a few). Oh yeah, don’t forget to include your doctor in the mix of people you consult on this matter.

• Systems on go. Some entrepreneurs are wary of taking off due to the lack of systems in place. Consider what you do every day or week. Are there processes that you can implement without you being involved? Delegate or reassign tasks that others can carry out in your absence. Try it for a couple of weeks. If the business is still around, you have successfully implemented a system. If there were challenges, rethink your strategy, but keep the focus on developing systems that provide you with flexibility.
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• Simon says. OK, if all else fails, Simon says take time off when your clients are off. Rejuvenate and come back to the office full steam ahead.
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Omar Muhammad, who heads the Morgan State University Entrepreneurial Development and Assistance Center, can be reached at omarsmuhammad@gmail.com.

BizJournal
Season 2, Episode 2
September 10th

Omar Muhammad
Contributor