10 Things I Wish I Knew Better Before Starting My Business

What if you had the chance to peek into the playbook of a successful entrepreneur? Tune in as I peel back the curtain on my journey with Elevate Media Group, revealing 10 invaluable insights I only wish I had known. Get ready to arm yourself with fundamental lessons on comprehensive market research, the art of competition analysis, and the significance of trend forecasting. Uncover how understanding your audience can help tailor your content that resonates with them and why scrutinizing your competition can unlock untapped opportunities.

Brace yourselves as we navigate the world of financial management, an undeniable cornerstone of any successful business. Learn about the power of networking, not only in building connections but also in propelling your business forward. Immerse yourself in understanding the nuances of marketing and branding that can spotlight your work. I'll also share my wisdom on nurturing relationships with clients, turning them into repeat customers and referrers. Lastly, let's delve into the importance of adaptability, mindset, and perseverance in the fast-paced entrepreneurial journey. So, are you ready to build your own empire or elevate your existing business to new heights? Stick around and let's elevate together.

Chapters

• 0:00 Building a Successful Business
• 10:03 Staying Connected and Elevating Your Business

Transcript

Speaker 1: 0:00

Welcome to the Elevate Media Podcast with your host, chris Anderson. In this show, chris and his guests will share their knowledge and experience on how to go from zero to successful entrepreneur. They have built their businesses from scratch and are now ready to give back to those who are just starting. Let's get ready to learn, grow and elevate our businesses. And now your host, chris Anderson.

Speaker 2: 0:25

Welcome back to another recording of the Elevate Media Podcast. I am Chris Anderson, your host Today. I'm going to tell you the 10 things, 10 things I wish I knew better before I started building Elevate Media Group. So we're going to jump right into it. The first thing is how to do market research. Market research might not sound like the most exciting part of the business, but in reality, it's truly the foundation on which your success is going to be built or crumble. The first key point within marketing research is understanding your audience. You've got to know who they are, what their preferences are, and by segmenting your audience you'll be able to tailor your content to their specific needs. Imagine you're producing a corporate training video. Your approach will be very different if your audience consists of tech savvy millennials compared to a group of seasoned executives. Knowing your audience intimately allows you to create content that resonates with them. Now the second thing I wish I learned before starting my business was analyzing competition. You've got to take a good look at what others are doing in your industry. What are their strengths? Where are they falling short? Where are their gaps in the market? This analysis can reveal opportunities for you to be different and stand out and be innovative in that marketplace. Now, the third thing I wish I knew was staying ahead of industry trends. The world of business is always evolving, so new technologies and creative approaches are emerging regularly. By staying in forward about the latest trends, you can incorporate fresh ideas into your work, whether it's a new camera technique or storytelling style that's getting popularity. Being in the know keeps your production relevant and engaging.

Speaker 2: 2:14

Now, the next thing I wish I knew would have definitely helped, and that was to create a clear business plan. Now you might be thinking why do I need a business plan? Isn't that a little outdated? I think it's truly just a roadmap to success, and it's the document that outlines your journey, and it comes with complete milestones and directions. Now, obviously, your journey can change. Those things can ultimately shift. The ultimate goal stays the same. So your business plan serves as a compass, guiding you through the challenges and opportunities that lie ahead. It keeps you on track to that ultimate goal. It's that strategic playbook. It helps you make informed decisions and stay the course.

Speaker 2: 2:52

Now, moving on to the next thing I wish I knew, and that is financial management. Financial management isn't just about crunching numbers. It's about securing the financial health and longevity of your business. You see, your finances are the lifeblood of your business, so this one's an important thing to learn, and keeping detailed records of income and expenses not only helps with hacks preparation, but it also provides critical insights into your business's financial health. You'll know how much money's coming in, how much money's going out and breaking down good financial health even more is effective cash flow management. Cash flow management ensures you have enough liquidity to cover operational expenses and emergencies. That's huge. That's something I really wish I was told early on, because it's about finding a balance between reinvesting in your business and maintaining a financial safety net. Now, as your business evolves, so should your financial strategies. So you got to be ready to adjust your budgets, your investment plans and financial goals to stay in sync with your business's changing needs, and I highly recommend getting connected with someone who does this, whether it be a cohesive relationship where you help one another out, where you invest in the business by paying these individuals to give you guidance or direction, or maybe you find a social media influencer who does this really well and gives very good guidance so you can take the correct steps forward. But it's definitely important to find a mentor or advice solid advice somewhere and in some way. And this next thing that I wish I knew before starting my business was how to do better networking.

Speaker 2: 4:29

Networking isn't just about attending events or collecting business cards. It's about building meaningful connections that can propel your business forward, whether that's attending conferences or workshops or even online events. Connecting with fellow professionals can open doors to partnerships, collaborations and valuable insights. Growing a business truly is all about who you know, so working with your peers in the same industry you're in can lead to exciting projects together and even some new perspectives. Collaborations often result in creative sparks that can take your business to that next level. We can't do that without networking, and networking doesn't have to always be in person, as we found out in the last handful of years.

Speaker 2: 5:13

In a digital age, having a robust online presence is essential. It's not just about showcasing your work, but it's also about engaging with your audience, sharing insights and demonstrating your expertise through the value you put on social media. This online network you're building can result in big returns for your business. Now, building a network is one thing, making the most of it is another. You've got to tap into your connections for referrals, advice and industry insights. Your network can become a valuable resource for your business growth if used correctly.

Speaker 2: 5:46

Now, moving on to the next thing I wish I knew when I started my business was marketing and branding. That's a vast topic and there's a lot within that, but your creative work deserves to shine, and effective marketing and branding are the tools to make that happen. First, we're going to talk about why building a strong brand is essential. Your brand is your identity. It's what sets you apart from the competition and communicates your unique style and values to your audience. It's important to showcase your portfolio, all the work you've done. This visual resume showcases your best work, or what you've been able to do for your clients, and it's a powerful marketing tool that can attract new and potential clients. And then, when you utilize social media in that strategy, it's going to help you grow and expand that reach. So creating engaging content and doing it on a regular basis can help you build a loyal following and generate interest in your work.

Speaker 2: 6:42

So the next thing that I wish I knew was about nurturing client relationships. Building strong client relationships isn't just good business. It's the secret sauce that keeps clients coming back and referring you to others. One way to have strong client relationships is with clear communication. Don't assume anything, because we all know what happens when we assume. Having clear communication is the foundation of any successful project. Be transparent, be responsive and be proactive. When your interactions foster trust and ensure that everyone is on the same page, everyone wins and everyone's happy. Communication is so crucial, but so is the concept of delivering exceptional services. Going above and beyond for your clients not only leaves a positive impression, but can also lead to long term partnerships and referrals. Professional service sets you apart in a competitive market under delivering and over promising. And then, when you're seeking feedback from your clients, this not only helps you improve your services, but it also shows that you value their input. It's a win-win that can lead to better projects and happier clients.

Speaker 2: 7:51

Now, the next thing I wish I had known more about before I started my business was adaptability. Our industries, no matter what it is, are ever changing. The ability to adapt and evolve is not just valuable, it's essential for success. This landscape is dynamic. New technologies and trends emerge constantly. Staying informed about your industry's developments and trends is key to remaining relevant and competitive. The pursuit of knowledge never ends. Investing in continuous training for yourself and your team keeps your skills sharp and ensures you can deliver top-notch work to your clients.

Speaker 2: 8:31

Another thing I wish I knew more about before starting my business was mindset and perseverance. Success is a fast-paced journey. You've got to maintain your passion and determination and that's what's going to set you apart. Building a successful business takes time, it takes struggle, it takes sacrifice. You've got to set achievable goals and understand that success is a long journey. It's not an overnight success. It's not an overnight achievement. So you've got to understand that. So you can have a long-term mental mindset, you can have mental stamina, and this is why celebrating progress is so important, celebrating the small wins, when you acknowledge and celebrate milestones, no matter how small. This keeps you and your team motivated and fosters a positive work environment.

Speaker 2: 9:16

So we covered everything from market research and clear business plans, financial management, networking, marketing and branding, client relations, adaptability and the invaluable traits of mental toughness and persistence. And as we reflect, one thing becomes abundantly clear Success in business is not just about the technical aspects of our craft. It's about a holistic approach that combines creativity, strategy, professionalism and a relentless pursuit of excellence. Remember, building a successful business is a dynamic process that involves continuous learning, adaptation and unwavering dedication. It's about creating meaningful connections, delivering exceptional work and always striving to elevate your business. So, as we wrap things up, I invite you to stay connected with us on social media. Share your thoughts and questions and continue this dialogue. Follow me at christanderson or subscribe to our YouTube channel at official Elevate Media. We're here to support you in your business journey. So thank you once again for joining us on the Elevate Media Podcast. Share this with someone who's trying to build their business or are thinking about getting into entrepreneurship. But until next time, continue to go out there, elevate your life, elevate your brand, and we'll talk to you soon.

Speaker 1: 10:34

Thank you for listening to the Elevate Media Podcast. Don't forget to subscribe and leave a review. See you in the next episode.