Shark Tank star Daymond John: How to create a successful business during COVID-19
Starting a business in the middle of the COVID-19 pandemic is not for the faint of heart. But it could likely succeed if you stick to some key principles, says Shark Tank star and business mogul Daymond John.
“You have to have a digital platform. You need to know who your customer is and be able to contact them even if you have a retail business or not, "John told Yahoo Finance's The First Trade. “There are only three ways to deal with customers in the world. Acquire a new one, resell one, or buy more frequently. If you have their information and continue to deliver for them, this is exactly what you need. You need to be able to post content and after that you need to figure out what more they want and create it for them. "
John, 51, speaks from experience.
From humble beginnings in Queens, New York, John built the fashion pioneer Fubu. The company has sales of more than $ 6 billion to date. John has turned his success with Fubu into an investor in small emerging businesses by starring in Shark Tank. He's also a motivational speaker and works closely to support the growth of minority-owned businesses, as evidenced by his upcoming Black Entrepreneurs Day initiative.
NEW YORK, NEW YORK - MARCH 10: Daymond John visits Build to review his book Powershift at Build Studio on March 10, 2020 in New York City. (Photo by Michael Loccisano / Getty Images)
Today John's net worth is estimated at $ 300 million.
Of course, John offers very practical and useful tips in a business world that continues to be ravaged by the pandemic. While big companies like United Airlines have laid off workers and retailers like Lord & Taylor and are getting the most media attention, it is the small companies that are in pain the most during the pandemic. This pain will be more acute if the legislature does not receive any fresh impetus before the November 3rd elections. And also the lack of people trying to start a new business at a time of heightened economic uncertainty.
Around 43% of small and medium-sized businesses said they had seen significant to severe effects from the pandemic, according to a new survey by CBIZ. The results showed that the majority (84%) felt at least some impact from the pandemic and the economic slowdown that followed. Over 51% of respondents stated that sales were significantly influenced by the situation. The outlook for growth and recruitment remains weak, according to the survey.
The survey of 1,600 US companies was conducted between August 25 and September 15.
John also seems to be following some of his own advice. When asked what he did during the pandemic, he tells Yahoo Finance a lot.
"I took a digital marketing course because I am doing my homework because the new brands I invest in while having experts make me want to know what your customer acquisition costs are, how you compare to my company and like you are not. After that, I'm going to study a Facebook course and an Amazon course, ”said John.
Brian Sozzi is the editor-in-chief and co-host of The First Trade at Yahoo Finance. Follow Sozzi on Twitter @BrianSozzi and on LinkedIn.
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