The business scene has experienced many changes in the last couple of years, leaving many business owners scrambling to survive while others have thrived. Business mogul Mark Hull, explains that managing a venture in 2021 requires you to carefully set a structure that will guide you through the turbulent terrain of business ownership.
Hull is a criminal defense lawyer, entrepreneur, and investor out of Austin, Texas. Over nearly two decades, Hull has guided his firm, The Hull Firm, along with other ventures he has added to his portfolio, to marked success. When Hull is not in the courtroom, he puts on his entrepreneurial cap. He is passionate about investing and building successful ventures in industries that excite him, including automotive, hospitality, cryptocurrency, and more.
Complementing his determination and commitment to his work, Hull has a passion for cars, particularly exotics.
Supercars don’t come cheap, and it has taken years of hard to work to build a financial platform that allows for comfortably funding his hobbies. Here, he shares some of his tips for other business owners to help grow their ventures and manage brands, in the constantly changing landscape of the 2020s.
Tip 1: Determination & Discipline
“If you ask anyone that knows me, they will tell you that one of my top personality traits is extreme discipline.” Hull recommends that you find an industry that you are determined to make an impact in, financially or philanthropically. Building a brand takes inexhaustible determination and discipline, but with those two characteristics, you can drive yourself forward into extreme success.
Tip 2: Get organized
For the growth of your business and for your own time management, you need to find a balance that works for both. Organize your time and schedule in a simple-to-manage format. Plan each step in advance; even when things don’t go accordingly (which sometimes they won’t), you will still have a structure of steps to get you back on track.
Tip 3: Stay on top of trends
The business world has always been fast paced. In the age of social media, things change faster than ever. Hull recommends that you stay on top of the ever-changing trends to avoid being left in the dust.
Tip 4: Create a financial plan
Efficiently and effectively managing your finances is #1 when it comes to owning a business. Which is why you need a healthy financial plan and understanding to keep your business afloat. Without strong financial knowledge and a well-devised business plan, it is easy to mismanage funds and run yourself into the ground. Knowledge is power, so make sure that you educate yourself.
Tip 5: Leverage social media
The digital age has been a welcome addition to businesses, says Hull. By leveraging social media platforms, you can easily create visibility and brand awareness with the click of a button. Social media allows businesses to target their audiences, and convert more leads quickly and cost effectively.
Tip 6: Keep an eye on your competition
Now more than ever before, information on competing businesses is readily available. Track what they’re doing, learn from their content, and benchmark from businesses in other industries to get ahead, and stay ahead, of your competitors.
Statistics are not always on your side as an entrepreneur, says Hull. Therefore, you need to stay two steps ahead to ensure that your venture not only survives, but thrives in 2021 and beyond.