“Start a business they said, it will be easy they said”.
If you start a business with the idea to ‘work less’ and ‘make more money’, you’re an idiot.
Most of my readers are filmmakers or work in the ‘creative sphere’, However this applies not only to building a film agency but any business, big or small.
Before diving deeper into building a business, I want to emphasize that when I speak about a ‘brand’ and a ‘business’ they are two different things, but are highly intertwined; one can’t exist without the other.
BUSINESS is about MONEY, BRAND is about PEOPLE.
A business offers a service (hopefully a decent one), and a brand aims to serve human values, and purpose, and establish a meaningful long-term connection with its customer. This blog is about how to equally build the two with extreme synchronicity in order to make your consumers/clients feel so involved in what you’re doing, that they, in turn, end up becoming marketers for your brand…. for FREE.
NAVIGATE THIS BLOG
- LAUNCH TIME:
There are two parts to any brand: IMAGE and IDENTITY.
IMAGE is how the brand is seen by the consumer/client, IDENTITY is how the brand itself aims to be perceived. The more aligned these are, the higher your brand equity. This is achieved through what we all know as marketing, which is imperative to building your brand and will in turn generate more business.
A simple example is why you would choose Android over Apple or Apple over Android. The tech nerds will buy what serves their purpose in the tech space, however, more than 80% of the market will make the decision to be loyal to a brand based on the way that brand makes them FEEL. Essentially it’s about shifting the conversation from what a brand DOES, to what it MEANS to people.
This is a lot of heavy information as a prelude to this post, however, these points are poignant to consider before even birthing the idea of starting your own business and building the brand around it. This is where the real work comes in; constantly winning people over. If you’re already lost, don’t worry, haha. I have broken it all down below into a step-by-step guide of how I started with having one employee in a garage. Literally. I am not trying to replicate a Silicon Tech start-up story here. It’s just all I could afford at the time. To now owning three highly successful businesses and a personal brand with more than 40 employees just 4 years later.
Below I have detailed the three main components of building a successful brand.
Preparation, Launching, and Expansion.
Note: I don’t have a degree in business, I actually have no degree at all, I’m just an eternal student of human behavior. Therefore these are MY beliefs and what I, after countless failures, in hindsight wish someone had taught me before embarking on this mission.
1. F*CK YOUR BUSINESS PLAN
The business ‘gurus’ are going to despise me for this point. First, you need to consider your intention of starting a business. WHY start a business? It’s a shit load of work and will take a very long time to start making real money, many many sleepless nights, as well as high percentage of staff turnover (basically staff either quitting or getting dismissed), being screwed around, lied to, constantly carrying the burden of keeping the lights on, and forever feeling like you’re at work. No matter where you are, especially when on vacation, your phone will be burning a hole in your pocket if you don’t look at it at least 5 times an hour. My wife tries to make me turn my phone off when we go on a weekend away – I have to hide my burner phone in my car so I can always have a quick glance (Sorry Gabs, haha).
Now this should only be the case for the first few years (3 – 4 max). If you are still a ball of stress complaining about staff, sacrificing time with your loved ones as well as your own well-being has gone to shit it’s time to get the f*ck out of there. Ultimately your intention should be to build a business that is so great that eventually, not even you would be good enough to be hired by it. After you’ve figured out the intention, which should always include bettering your consumer’s or client’s life by adding value you need to…
2. WRITE A MISSION STATEMENT
Be brave here! Always start with, ‘We AIM to…’ Even if people think your mission is deluded, F*ck them. Which, to my point, a generic business plan with a SWOT analysis, capacity, culture, etc, will just pigeonhole your vision. Start off small with minimal costs and test the waters first. If it works then hire smart business people (Or just one) to make sure you’re maximizing profit to stay cash positive as well as doing everything above board, but while you’re in the preparation phase DON’T go all in, sell your house, pull out all your savings, and hedge everything on something ‘possibly working’. A harsh truth is that 70% of new businesses will fail between 2 – 5 years.
A wise tip here is that lawyers are usually only contacted when a problem occurs. Do yourself a favor, spend the money upfront and do a 1 – 2 hour session with a labor lawyer as well as a commercial lawyer as this will save you so much time and money down the line. I made this mistake by only seeking counsel 1 year after opening JOE, my film agency, and had to pay the price for a mistake I didn’t know was a mistake.
So START SMALL. Your ‘business plan’ will develop from this. There’s so much nuance to every field of business that you’d never be able to predict early on. Therefore you have to remain malleable to change.
At the same time, you will be developing your brand IMAGE and IDENTITY alongside the preparation of your business model with what’s called a BRAND BIBLE.
Obviously, your business needs a name. When it comes to naming your business it is unique to your industry, however, it has to have a signature story behind it that speaks to the name. That, or it needs to serve its direct purpose and be named after the exact service it provides.
Eg: In New York City there’s a Thai restaurant called ‘Thai Food Near Me’ which cleverly uses SEO to coattail to the mass-market consumer through the simple Google Search from people craving Thai food – this is very clever.
Once you have a name and because you’re starting small, all you need to begin with is a logo and a slogan.
However, before you’re off to the races, and you go into full on Launch mode in the next step, you’ll need to flesh out a BRAND BIBLE which will include every aspect of your brand.
Here is the brand bible for my Production Agency, JOE: (Click Image to reveal Brand Bible)
I constantly return to this and every one of my staff has a copy on hand at all times. It basically outlines what to and what not to do with the brand. The most important elements here are that the Logo, Slogan, and coloring are 100% original and meaningful. Never ever sway from your brand’s iconography – you can slightly evolve it; give it a ‘facelift’, but changing it entirely will be catastrophic to your original positioning.
The next part of preparation is to know exactly what the F*ck you are doing and how to do it. Instead of going to college, go and get a job at a company that is literally ‘paying your school fees’ while you’re earning and learning at the same time. Nothing beats experience. I look at everything with the idea of, ‘WTF’, which stands for ‘Why The Fail’. This comes from learning from other businesses in your field by either studying them or by actually working for them. I did small stints at multiple film agencies before starting my own.
Which one may look at as advancing at the expense of others, but this is not the case here as I made sure to add value at each business I worked for – an equal exchange. I learned so much about what NOT to do. I actively looked for the holes in their system. The gaps in the market and every opportunity they were missing out on. What I mainly noticed was the way in which they treated their staff being the fourth point in preparation:
Most companies (Especially in the creative space) deliberately pay people slightly later in order to have accessible cash flow as well as to earn interest on the money owed by holding for longer. Yes, maybe a wiser decision to make money faster, but a TERRIBLE choice for your BRAND. To my earlier point, the brand works both inward (staff) and outward (consumer/ client).
People talk. Even your own. Be good to them. Fair business practice will inspire your staff to work harder which equals more output which in turn will generate more income. Write out a list of business principles starting from your very first staff member, even if it’s just an intern, in order to make sure you are constantly aligned.
Below I have placed the 10 Principles for JOE.
5. HAVE A PIPELINE OF WORK
With my Second Business ‘All Of Us Studios’, A global hiring platform for filmmakers. We have over 3000 filmmakers in 97 countries globally. As great as the idea is; to be able to give filmmakers around the world work by attaching them to massive international brand campaigns generated by a group of extremely skilled copywriters. It took a very long time to get our first big gig. When I say a very long time I mean it took 2 years of constant pitches, a lot of my time and attention (which is money), and a shit ton of ’NO’s’.
When starting you’ll most probably get ONE ‘Yes’ out of every NINE ’No’s’.
I was making enough money with my other companies to be able to fund all the start-up costs along with a partner. We started with just the two of us and one assistant, that’s it. We have not yet even begun to market the company or even think about expansion until we test out at least three big campaigns and make sure it ‘works’. Which it will, but I need contractual proof (PO’s or Purchase Orders) of a pipeline in order to spend any more time expanding the company. This is the way you should look at preparation for any business, whether it is your first, second, or tenth.
Time is everything. Before you spend all your money, time, and passion, especially before you start to take on any form of overhead costs, make damn sure you have a pipeline of work.
We have a saying in the industry ‘some for show, some for doe’
The ‘for DOE’ jobs aren’t necessarily the work I as a filmmaker am most proud of, even though I give it my all, they are usually the ‘Cash cows’ that keep the lights on.
The ‘for SHOW’ work generally doesn’t make as much money, but it helps you get more work. It advertises your agency through award shows and other PR. Make sure you have your bread and butter money for at least the first 12 months and then go into the ‘For Show Work’. Don’t underestimate awards. These verify you far more than you think.
Now onto the most exciting and scary thing you’ll ever do in your life.
1. DILIGENCE vs DEDICATION
Once you’ve taken the plunge and launched your business, sustaining your promise to your consumer/ client should be your baseline goal. As previously mentioned you’ll have clever business people that you’ve brought on board or that simply advise you at this point that will make wise business decisions to maximize profits, but this isn’t and shouldn’t be the end goal if it means screwing your consumer over to do so.
Your brand can only grow or at least ‘stay intact’ if you deliver on your word – this sounds simple, but oh boy is it tough – henceforth, START SMALL. “Diligence” and “Dedication” are near synonyms in theory, but when actioned, are different. Breaking rocks takes “Dedication”, but “diligence” is doing it every day, day after day, with a plan in place to ensure you don’t give up.
Diligence is carefulness and persistent effort or work, while Dedication is a feeling of loyalty to a particular goal or task. You would usually hear people saying a line like ‘I am so dedicated I will do whatever it takes’ – That is not always the best way to think or act.
When it comes to achieving success in business, I find this fascinating, as dedication is the foundation upon which diligence is built, but too much dedication will lead to your demise through burnout and the lack of flexibility through being unwilling to consider alternative perspectives or solutions through a form of self – persuasion. Diligence could also disfavor you by you not hitting your deliverables through your undying need to perfect everything you touch (Again, this applies mostly to the creative and the artists out there).
‘Ultimately diligence is the consistent effort required to turn determination into tangible results’ – Shawn Manaher
So how does one navigate this? Ok, for example, someone who works extremely hard (dedication) may be willing to put in long hours and make sacrifices to achieve success. However, if they lack diligence, they won’t be making wise decisions on how to sustain the dedication it takes to achieve their goals. It is important to understand the difference between these two traits and use them appropriately in order to achieve success. They are both extremely important. I am sure you have heard this a thousand times before, ‘Work smart, not hard’. This is basically in short what I have detailed out above.
Another example off topic, but highly related to the point. I am on a very strict weight loss program where I feel super dedicated to doing ‘whatever it takes’ to hit an end goal. I go to the gym every day and eat a healthy diet, which tastes unbearingly average. However, if I am not diligent in tracking my progress and small wins, or noting when I miscalculate objectives and adjust accordingly, I will not see the results I desire and will most likely give up after a while as the methods used will become unsustainable. This is super common for anyone in a body transformation challenge. Without remaining diligent once you have achieved your goal you’ll probably just return to your old self as you wouldn’t have built an habitual daily practice that’s possible to maintain.
When starting a new business, you need to be fully committed to your vision and willing to put in the long hours which is ‘Hard Work’ necessary to get your business and branding off the ground. But you will need to start replacing ‘hard’ with ‘smart’. I still find it far easier to be dedicated than to be diligent. Diligence takes order, a set of strict principles, being malleable to change while maintaining a specific work ethic. Initially it takes more brain power (discipline and focus) than it does just grinding away.
In summary, lean into being more diligent when starting the journey of getting your business off the ground. Basically, If you’ve gotten this far in this blog post you clearly have the drive it takes, the dedication it takes and want this bad enough. The drive should already be there. You should inherently be dedicated to working hard every day, but be smart, don’t overdo it, set realistic goals, and be constantly mindful of your consumer/ client. Remember to use your mission statement as a constant reminder of your direction. Stay true to this.
2. DELUDED CONFIDENCE
Logan Paul is a good friend of mine and by far the most confident person I know. Some would argue that his confidence is delusional and that he could never achieve the things he says he is going to. When he told me about his goals for his sports drink PRIME, his WWE vision as well as a boxing career, even I, being a good friend and someone who will always support him, thought to myself, with all of Logan’s success aside that he was slightly ‘deluded’, but look at him now. He didn’t care what anyone thought or continues to think about him.
The same goes for Jimmy Donaldson, MrBeast, (who I now work very closely with) and how big his empire has become since starting out as a kid on a shitty camera. That knew deep down he would become the greatest YouTuber of all time. Not to mention how big he knew his snack company FEASTABLES would become. Delusion has its limits, but it is definitely needed when aiming to be the best at what it is you’re doing. It shouldn’t be looked at as necessarily a bad term.
The term “delusional confidence” refers to a state of extreme self-assurance or overconfidence that is not supported by reality or evidence. It is used to describe someone who is convinced of their abilities, knowledge, or beliefs despite evidence to the contrary, and who may be resistant to criticism or feedback.
The combination of delusion and confidence suggests that someone who has these traits may be overly confident or even arrogant about their abilities, but may also be unaware of their own limitations or shortcomings. It is commonly employed in a pejorative manner to characterize individuals who might exhibit excessive self-assuredness to the extent of recklessness, potentially jeopardizing themselves or others. Nevertheless, it’s crucial to recognize that a measured level of confidence can prove advantageous in various scenarios, and not all manifestations of confidence are rooted in delusion or misguidance.
As long as you have wise mentors or support focusing purely on the financial side of things and keeping you afloat, you can think BIG with your ideas. Let the realities of income vs overheads and debt humble you when you push too far. But beyond that, everything great is usually created from what started as something that was looked at by the masses as unachievable and partially delusional.
3. DON’T BE AN ASSHOLE
As someone who by chance, with my first business, JOE, ended up in a leadership position when the original intention was just to employ help to push out more YouTube videos, I have had to teach myself how to be a boss while maintaining my creative position as a film director and editor – this is extremely tough as I am on both sides of the fence. One, I have to worry about each revenue stream as well as, two, making work that is meaningful and that is constantly referred to as ‘GREAT’. This puts so much stress on my shoulders which makes it very easy to flip the switch and lash out at my staff. Here are a few principles I have learned along the way from having 1 employee to now managing over 40 across my businesses.
• BE FAIR
When it comes to the fundamentals of management, you have to be very clear on each employee’s roles and responsibilities as well as the consequences of not fulfilling these. It ensures that everyone is on the same page and is accountable for their own work. And, even though some people may call you an asshole behind your back (these would be the staff members that don’t fulfill these roles and suffer the consequences through written warnings or being dismissed) setting clear expectations, along with establishing consequences and being FAIR, will prove that you are in fact definitely the opposite of an asshole.
• PERFORMANCE = POTENTIAL – INTERRUPTION
I remind my staff about this all the time, which is one of JOE’s core principles. 50% innovation and 50% efficiency. For most in the creative field, we aim to be innovative and to be known as out-of-the-box thinkers, but this can create ‘interruption’ as you become fixated on bettering your last job every single time, which in turn will lower your efficiency by you not hitting your deliverables. Interruption is also caused by getting a notification on Instagram, X, or TikTok and then getting stuck in ‘the scroll hole’. Your potential is hindered by these interruptions every day. As a boss, I ensure that each team member is constantly aware of their potential within a task every day to lower interruption. This also means they can leave work earlier, hit deadlines earlier, and have far more time to enjoy other parts of their life outside of the company.
YOU CAN’T EXPECT TO BE RESPECTED.
• You need to earn it!
Have you ever known someone who constantly craved admiration? Did you sincerely give them that respect, or did you find yourself growing more and more resentful of them over time?
In the realm of leadership, earning respect is not about commanding it but rather about understanding and listening to those you lead. A truly admirable leader shows genuine care for their team, and if they find themselves lacking in this regard, they take steps to reassess their understanding of their team members. These principled leaders (Which I am still learning to be) remain steadfast in their values and make it a point to share their own perspectives as well as those of their team, at the right moments.
• YOUR EMPLOYEES ARE NOT YOUR FRIENDS.
You have to draw the line between being friendly and being a friend. Being a friend to someone requires time and immense sympathy when they are in a rut. An employee should seek this from a real friend outside of your company. This doesn’t imply that you can’t get along or have a good time together at events outside of work. I’m simply suggesting that worrying about your image in the workplace shouldn’t be your main focus.
• PICK YOUR BATTLES WISELY.
When I talk about picking ‘your battles’, I mean understanding the difference between how you prefer things to be done and something that was done incorrectly. As a Boss, I too am always striving to get the best results from each employee so that the output of work is the best it can possibly be, but you need to be realistic here. You have to think ‘big picture’. You are working with the probability of human error and some fights are just not worth having. You need to ask yourself if the frustration is worth the loss of focus. This too comes into play outside the inner workings of your company. To maintain your brand image you have to think with the mindset that for the most part your clients or consumers are always right. Give them time to be heard. Obviously, there’s a limit here, but you get what I am saying.
4. MARKETING VS ADVERTISING
By being able to clearly define the term marketing, and how it differs from advertising, you will create more powerful awareness around your brand and in turn generate far more business. When you know exactly what makes advertising and marketing different, the more accurate and effective both will be. As they are both highly necessary components of getting the engagement needed to be successful in business.
• Let’s start off with defining Marketing:
Marketing involves ensuring your product or service remains enticing to your potential consumer or your client, all while distinguishing yourself in a competitive market (especially in the world of filmmaking – right now it is more saturated than ever before, as it’s become so easy to trick clients into believing you are going to deliver a great product based on ai tools which makes you seem more impressive than you are while doing a pitch) as well as maintaining a customer base. Attaining this requires a comprehensive strategy, rendering marketing a highly complex procedure.
Marketing is in essence familiarizing your ‘market’ with what your brand proposes. Your promise. Subsequently, it involves nurturing potential clients/ consumers through a combination of online campaigns (Offline campaigns have become somewhat redundant, especially for startups) until they convert into paying, and hopefully returning customers. Effective marketing also necessitates providing robust after-sales support and nurturing.
When you look at it this way, you can see that marketing is about more than just advertising. Actually, advertising is a part of marketing, and it’s one of the most important ways to do it. Advertising involves a bunch of things that all help to make your business more VISIBLE and appealing.
I have included what I have found extremely and continually helpful in my career. The 7 P’s of marketing, were created by Niel Borden, a world-renowned marketing and advertising Harvard Professor.
- Product: The service or the product that your business offers that addresses the specific needs and desires of your ideal customers.
- Price: How much money customers will pay your business in order to receive your product or service. Price also helps dictate how profitable your business will be.
- Place: Where and how your customers are able to find and access your products and services, including retail or resellers, distribution, franchising, and others.
- Promotion: How your business communicates the benefits and uses of your product or service. This is where advertising comes in.
- People: Who provides the service of your business? Every business needs to rely on qualified, competent people to deliver services to their customers.
- Process: The standard operating procedure that your people follow to show customers exactly what they receive when they purchase your service.
- Physical evidence: What tangible benefit do your customers receive as part of your service? For instance, if you are an advertising agency, the physical evidence might be the results your campaigns provide to your clients’ sales numbers.
• So then what exactly is Advertising?
As previously mentioned, advertising can be categorized as a component of marketing, as all advertising efforts, such as native ads (this means on your website), social media ads, search ads, YouTube ads (this is either through running pre-rolls – which aren’t very effective, or rather through getting YouTubers that have reach in your fiend to do brand integrations or dedicated videos on their channels), podcast integrations, as well as influencer endorsements which all contribute to advancing your overall marketing objectives.
Primarily, advertising encompasses all paid forms of marketing. While organic social media could be considered a form of advertising, conventional advertising typically involves a financial investment for ad placement.
Advertising serves various purposes, including pushing your brand identity to up its image and in turn your brand equity. Promoting specific products and collections, or publicizing sales and discount offers works really well. Especially in the digital realm, advertising offers a significant edge. It allows you to track conversions, gather customer data, and use this information to create and improve future advertising efforts.
Basically, If marketing tells the story of what a brand stands for, advertising is what puts that story in front of people.
Advertising involves many creative tasks like coming up with ideas, copywriting, designing digital images, or taking photos and videos. In today’s landscape, the more, the better. Especially on platforms like TikTok.
Since marketing combines with advertising tries to make a business more seen and liked by both new and old customers, it has these important jobs:
You have to constantly ask yourself “Is the juice worth the squeeze?” Just like me writing this ridiculously long blog post which has taken me three weeks to refine in order to serve my audience, and my personal brand as well as showcase my insight in the space of brand building in the hope that it will generate more work for me and my companies down the line.
Apart from organic social advertising, most forms of advertising require financial investment, rendering it one of the more costly activities for your company. This cost can also hinge on the collaborators you engage for your advertising strategies, such as freelancers, contractors, and agencies, who work alongside you in designing, planning, and assessing your campaigns.
Marketing investments might also include different software and tools necessary to facilitate various marketing activities. This could encompass email marketing services, marketing automation platforms, or research firms to conduct thorough customer research and analysis.
• Lastly: Managing results:
Let’s think about how long it takes for each approach to bring results for your business. Considering that advertising is a part of marketing, it’s reasonable to expect that advertising will yield faster results and returns for your brand. Marketing activities, on the other hand, focus more on long-term growth and establishing your brand for the future.
For advertising campaigns, you need to consider the duration of the campaign to evaluate the results. For example, if your campaign runs for a month, you’ll want to assess the outcomes after that month. It’s also helpful to reassess a couple of months later to understand any lasting impact.
With marketing, however, it should be viewed as an ongoing process. Your business and brand will evolve, as will your customers and market trends. Nevertheless, it’s important to analyze the impact of marketing campaigns in the short term to understand your brand’s health, what resonates with your audience, and what steps to take next.
5. SUCCESS = SACRIFICE
I just had a baby boy and my job requires A LOT of travel and has been the toughest 3 months of my life. But my goal is to set up a great life for him and my wife. Every new business comes with unique aspirations and visions. Entrepreneurship’s appeal lies in the freedom it provides. With proper guidance, diligence and dedication, entrepreneurs can make significant progress, paving the way for wealth creation and a thriving enterprise. However, it’s crucial to acknowledge the demanding aspects that come with this role. Without embracing these sacrifices, achieving success can be challenging. Business ventures operate on a reciprocal basis, where increased time and effort investment yield greater rewards and vice versa.
Many entrepreneurs believe that the sacrifices made for the business eventually pay off when the business becomes stable, but this is not always the case. Obviously, to my earlier point, you shouldn’t be killing yourself in order to keep the lights on. You need to be growing every single year. Entrepreneurs can achieve financial independence and the freedom to manage their time as they wish. However, these benefits come with necessary sacrifices.
Through endless conversations with my mentors and highly successful entrepreneurs, they often highlight the numerous sacrifices they made to reach their current positions. I have broken down below what some of these sacrifices entail and how to deal with them.
• Less Family time
By running a business, your personal and professional life begins to merge. Thoughts about your business will occupy your mind constantly, even outside work, both out of necessity and passion. Urgent calls and messages will demand your immediate attention since you’re the decision-maker. It’s important to balance work and personal life, dedicating time each day to your family and well-being. However, there will always be an unclear boundary between personal and business time, regardless of your efforts to manage it.
• No more Financial security
In the early years of your business, you may not see significant cash flow. Many entrepreneurs and their families often use personal funds to get the business going. If you’re in this situation, the sacrifices you make might be deeper, as your safety net could be at risk.
• Risk vs Reward
New ventures come with risks, demanding sacrifices of stability and security. You not only risk financial stability but also your reputation in the market. This pressure can be overwhelming, hindering profitability. Prepare yourself and your dependents for this by outlining your financial commitment meticulously. Discuss potential pitfalls to develop a contingency plan and identify risk factors. Understanding potential failure equips you to mitigate risks effectively.
• An ever-changing schedule:
Running a business is like caring for a newborn: it demands attention at inconvenient times, disregarding your schedule and commitments. Entrepreneurs must nurture it diligently, especially in its early stages. Transitioning from a regular job to entrepreneurship requires embracing spontaneity and making the most of every chance for relaxation and family time. Effective time management is crucial. Make use of short intervals throughout the day, staying flexible with your plans to maximize productivity.
• Overall ‘Wellbeing’
If late nights and lengthy gym (Which for me is very present) sessions are part of your routine, be prepared to make some adjustments! Any entrepreneur will tell you that when you’re just starting out, there’s hardly any time off.
• Ever mounting pressure:
Entrepreneurship demands multitasking, often with you as the sole driver. Progression may mean frequent late nights, relying on caffeine, and turning your bed into a workspace. Late-night business calls become routine, impacting your well-being and productivity. To counter these effects, establish a consistent sleep schedule of 7.5 to 8 hours, aiding in the recovery from all-nighters and preserving your natural rhythm.
• Less Socializing:
This was the hardest for me, changing from somewhat a socialite into a hermit. As an entrepreneur, tasks can consume your time, leaving little room for leisure or family. Neglecting personal life may lead to regret later on. Despite the demands of starting a business, communicate to your family that this phase is temporary, promising to make up for lost time when finances stabilize. Assure them that your hard work now will lead to a better future, seeking their support during this period.
1. WHY EXPAND?
If your business is running smoothly and you are making good money as well as serving your purpose as well as valuing your consumer the only reason you are expanding is for your own ego. I don’t suggest going down this path unless it’s 100% necessary for your success as it comes with more management responsibilities and stress. It comes with the possibility of brand misalignment; much like franchising a restaurant. The worry there is the quality of your food and not being able to manage that. The stress here is that the more staff you have the less alignment they will have with your mission statement as you won’t be able to be as actively one-on-one with them. I have seen this time and time again where businesses go from 20 – 200 people.
Comprehensive research and careful planning are vital for business growth. Rushed expansion can lead to various challenges such as financial constraints, legal complexities, staffing issues, limited resources, and supplier challenges. Emphasizing sustainable growth is key to long-term success. If done right you will be able to reap many benefits:
2. Each day will have new highs as well as lows. Hopefully more highs:
Staying motivated and working for others is tough, as they reap the benefits of your efforts. But as your own boss, pursuing your dreams becomes invigorating. You control your success, driving daily business vitality and productivity. Knowing your hard work leads to rewards fuels your daily motivation.
3. Passing the baton.
The endless chase can provide a sense of fulfillment. Taking the reins in establishing your business and expanding it allows you to mold it into something you can truly take pride in, potentially creating a legacy that you can pass down to your children.
4. Getting involved in philanthropy:
Expanding your business should lead to making more money and then can involve benefiting society. You can use profits to support charities or address community issues based on your passion. As the Chief Creative Officer at Beast Philanthropy, I’ve witnessed firsthand the positive impact MrBeast has been able to achieve through his brand and growing media empire. Through the Beast Philanthropy channel, we wield one of the most influential platforms globally and are able to use this ‘megaphone’ to truly have an impact on the world through the actions that we inspire. To utilize our brand and social platforms to foster kindness, unity, and philanthropy among future generations. This mission holds particular significance in a digital landscape often dominated by negativity. It stands as a cornerstone of my career, consistently motivating me to channel even more energy into my own passions and talents. This journey is ongoing and constantly evolving.
5. You can achieve financial independence.
Numerous individuals embark on the journey of business ownership with the aspiration of achieving financial stability. While it’s true that establishing your enterprise requires determination and may initially involve financial constraints, the ultimate aim of becoming your own boss is to foster financial autonomy. With persistence and dedicated effort, there’s no limit to the potential profitability of your business. If your aim is to generate wealth, there’s no reason why you can’t attain that objective.
Initiating your own business offers various financial advantages over working for a fixed wage or salary. Firstly, you’re constructing an enterprise with the potential for expansion, which translates to the growth of your financial resources as your company thrives. Secondly, your business itself serves as a valuable asset. As it progresses, its value appreciates. You might choose to sell it, or you could retain ownership and pass it on to your descendants. In either case, it represents a significant asset.
Starting your own business and developing your brand demands a leap of faith, urging you to step beyond your comfort boundaries and venture into the unknown. You’ve come this far (in life and in this blog post), so why not take that first step? Start small. Figure out your true intention. The principles I’ve addressed here are what I’ve learned thus far in my career, and I believe anyone, with a little bit of determination and diligence, can build their business and brand, both in its image and identity to meet the successes you envision in your initial idea. Through the necessary steps in your preparation, launching and expansion, you can add value to your own life as well as that of your audiences. Your consumer/client is always interested in what they don’t know and right now what they don’t know is your story. So make sure when you tell it, you tell it right. You know the difference between marketing and advertising, the sacrifices needed for success, and the mitigated risks for exponential reward. It will involve significant effort on your part but the potential for long-term rewards and sustainability will always be substantial.