WHAT ADVICE DO I WISH PEOPLE HAD GIVEN ME WHEN I LAUNCHED MY BUSINESS?
It’s been three years since I stepped away from an established corporate career and hurtled head first into the brave and challenging operation of launching my own Media Agency, The Runway Media.
At The Runway, we plan media strategies and buy across all disciplines, for start-up and scale-up businesses.
Our team has immersed themselves in the ‘Hive Mind’ of entrepreneurship, and have been fortunate to learn some valuable lessons.
As we begin to experience increased economic upheaval, many employees will be pondering the step change that launching your own business provides, and so I thought it timely to share my thoughts.
People are inherently nice and will want to help you get started.
If you put your business idea out into the universe, you will be surprised at the amount of people who will get in contact to help you out. Remember to pay it forward as soon as you can.
2. Ensure that you are building a talented team that can function without you. If you need to be present across every function, it’s not a business, you are selling your time for money.
3. Develop your skillset to reflect the market you’re in, not the market you want to be in, or previously worked in. If you continually upskill, you will be able to deliver the maximum possible value to your customers. Seek out relevant online courses and real-life events.
4. Don’t be afraid of self promotion and promoting the achievements of your team.
Before launching my own gig, the thought of publicizing myself across social media filled me with dread. However, the majority of our rewarding, long-lasting client partnerships have come from trusted referrals. Lead gen sites may feel more anonymous, but they offer tyre kickers and price checkers. Be proud of what you’ve created!
5. Lean into your network and establish new communities where you can bounce ideas off fellow entrepreneurs and industry peers. These groups will support you when you don’t know that you need it.
6. Your experience is your biggest asset, don’t give it away for free. When you are getting started, there is value in building relationships and proving your worth, but always ensure that you are seeing a return on the investment of your precious time and energy.
7. Always bill in advance where possible.
8. Think creatively to create new revenue streams. For example, can you use your financial systems to earn Airmiles or charge for speaking engagements?
9. The customer is only right when they are actually your customer / Don’t be afraid to turn away business if you don’t think that you can add value. Consider the opportunity cost of your time, give kind feedback and walk away.
10. The only thing you can’t bluff is revenue.
Launching and scaling a business has been one of the most rewarding experiences I have had. It has afforded me flexibility, a greater sense of purpose, and the gift of collaborating with some fantastic clients, colleagues and partners.
As we move into our fourth year of trading and the evolution of marketing into the world of Web3, we anticipate more exciting opportunities ahead.
I hope that this has been useful and we would love to hear your feedback :)
