4Ds: How to Use TikTok as a Catalyst to Your Side Hustle Success | GVAE Top Podcasts of 2022

Podcast Summary

• Staying true to oneself and consistently posting on TikTok are keys to building a personal brand: Regardless of industry or platform, authenticity and consistency are crucial for personal brand success. Post regularly on TikTok, even if results vary, and stay true to yourself.

  Consistency and authenticity are key in building a successful personal brand, regardless of the platform or industry. Gary Vaynerchuk emphasized the importance of posting regularly on TikTok, even if the results vary, as the algorithm prioritizes content based on user interest. He also encouraged individuals to be true to themselves and not compare themselves to others. During a roundtable discussion, Gary interacted with various entrepreneurs, including Inga Van Olak from a big brand looking to unlock her personal brand, Doug Bell, a second-generation entrepreneur and winery owner, Jennifer Carlson, a restaurant owner, and Garrett Wilhelm, an early education school owner. Garrett and Doug Brennan were also present, discussing their upcoming NFT project. Each entrepreneur shared their background and goals with Gary, showcasing the diverse range of businesses and industries represented. Overall, the episode highlighted the importance of staying true to oneself and consistently putting in the work to build a personal brand.

• Building a strong community and unique value proposition in business: Successful businesses offer transparency, exclusivity, and competitive advantage through community building and unique value propositions.

  Successful businesses come in various forms and backgrounds, but they all share a unique value proposition and a strong community. Gary Vayner-Chapman shared his experience with goat farming and ecommerce, where they have built a substantial community around their premium goat milk soap brand. They offer transparency by allowing people to watch their goats 24/7 on YouTube, teaching customers about their goat care and product making process. Neha and Brian from Switch Grocery in Toronto run an online retail store that brings high-quality emerging food brands to Canadians faster than traditional grocery stores, providing exclusivity and competitive advantage. Inga, who was struggling with separating her day job from personal branding, took inspiration from the stories shared and the importance of building a strong community and unique value proposition in business.

• Navigating Personal Branding under NDAs: Despite NDAs, creating a personal brand and monetizing it is possible through careful consideration of risks and rewards, and exploring alternative platforms like TikTok for organic reach and niche audiences.

  Building a personal brand while being employed under strict NDAs can be challenging, but not impossible. The speaker, who works for Tesla in operations, expresses a desire to create content and monetize it, but is unsure how to do so without disclosing her place of employment. She currently has a following on LinkedIn, but hasn't engaged her audience. The speaker is considering starting a personal brand on TikTok, despite being hesitant due to the platform's association with dance content. However, TikTok offers organic reach and a large audience of 30+ year olds, making it a potential goldmine for businesses. The speaker is in a tough spot, as she could either save money to quit her job and focus on her personal brand full-time, or go all in on TikTok while still employed. Ultimately, the decision comes down to recognizing the potential risks and rewards, and considering the long-term consequences of success. The example of Miss Excel, who built a following on TikTok by sharing Excel tips, demonstrates the potential for educational and niche content on the platform.

• Filling the Gap in Financial Education with TikTok: Gary emphasizes consistency, authenticity, and trusting the algorithm to reach young audiences, particularly women and minorities, in financial education on TikTok. Businesses like Northern Lights Winery should focus on building a strong community and brand identity while also investing in sales and growth strategies.

  Entrepreneur and personal finance coach Gary recognized a gap in financial education for young people, particularly women and minorities, and plans to leverage TikTok to fill that gap. He emphasized the importance of consistency in posting, embracing authenticity, and trusting the algorithm to reach the right audience. For businesses like Northern Lights Winery, the challenge lies in balancing brand building and sales efforts, especially as they expand beyond their local market. Gary encouraged the winery to focus on creating a strong community and brand identity while also investing in sales and growth strategies. Overall, the discussion highlighted the power of identifying a need and using social media effectively to address it, as well as the importance of staying true to oneself and adapting to the unique demands of different platforms.

• Focusing on creating experiences and connections for long-term growth: Long-term business success can be achieved by focusing on customer relationships and maintaining a humble approach. In industries with traditional players, differentiating through personalized content can also help attract new audiences.

  The approach to growing a business depends on its long-term goals. For those looking to build a sustainable business for the long haul, focusing on creating experiences and connections with customers, while maintaining a humble approach, can lead to success. Conversely, for those with a shorter-term goal of selling the business, a more aggressive growth strategy may be necessary. Additionally, in industries with traditional and legacy players, differentiating through personalized and relatable content can help attract new audiences and change the narrative. An example of this is creating content that showcases unusual wine pairings, making wine more accessible to those who may feel intimidated by it. Ultimately, the key is understanding one's goals and adapting strategies accordingly.

• Understanding audience interests and creating tailored content: Create compelling content that resonates with your audience, understand their interests, and focus on platforms like TikTok for wider reach. Build a strong brand, prepare for unexpected events, and stay true to your vision when considering partnerships.

  Creating compelling content is the key to success in business, especially in the digital age. Gary Vaynerchuk emphasized the importance of understanding your audience's interests and creating content tailored to them. He highlighted the potential of platforms like TikTok for reaching a wider audience and the importance of focusing on content creation before worrying about distribution. Jennifer, a business owner, shared her experience of growing her fast-casual concept, Reel and Rosemary, and how listening to Gary's advice helped her navigate challenges. She emphasized the importance of building a strong brand and being prepared for unexpected events, like the COVID-19 pandemic. When it comes to partnerships, Gary advised against bringing on partners unless it aligns with personal happiness and business goals. He shared his own experience of turning down a potential game-changing investment opportunity because it didn't align with his vision for VeeFriends. Overall, the importance of creating valuable content, understanding your audience, and staying true to your vision were recurring themes in the conversation.

• Considering Business Growth with Outside Investment: Explore various funding options to expand a business while maintaining control. Consider new funding mechanisms, traditional loans, and even creating signature products for direct-to-consumer sales. Be patient and contextualize time, and explore innovative ideas within the existing business model to fuel growth.

  Growing a business with outside investment can come with compromises and loss of control. The speaker shared his experience of partnering with someone for business expansion, but later regretted the decision due to the egregious terms of the deal. He emphasized the importance of considering various funding options, such as new funding mechanisms, traditional loans, and even creating signature products for direct-to-consumer sales, to expand a business while maintaining control. He also encouraged exploring innovative ideas within the existing business model to fuel creativity and growth. The speaker acknowledged the importance of patience and contextualizing time, and suggested looking into alternative funding methods like ClearBank, which could provide funding without giving up control. Overall, the discussion emphasized the importance of careful consideration and strategic planning when it comes to business growth and expansion.

• Investing in internal talent vs hiring external workers: Maintaining a strong company culture is crucial for attracting and retaining top talent. Focus on developing internal talent, identify and cultivate raw talent, and unlearn/re-teach existing employees to conform to the company's values and culture.

  Building a strong company culture is essential for long-term success, but scaling it can be challenging, especially when it comes to human resources. Gary Vaynerchuk emphasized the importance of investing in the development of internal talent rather than hiring expensive, skilled workers. He also warned against compromising culture for financial reasons, as even a single weak cultural employee can negatively impact the entire organization. Instead, businesses should focus on identifying and cultivating raw talent from the beginning, as it's easier to shape them according to the company's values and culture. Additionally, unlearning and re-teaching existing employees to conform to the company's unique approach can be more effective than hiring from outside the system. Ultimately, maintaining a strong company culture is crucial for attracting and retaining top talent, and it's worth the investment, even as the business scales.

• Honoring Women's History with NFTs: The Guild of Women is creating NFTs to celebrate women's history and contemporary achievements, allowing each owner to contribute their own narrative, despite the male-dominated NFT space.

  The Guild of Women is using technology, specifically NFTs, to expand the recognition and celebration of women's history and contemporary achievements. The group, which has a deep connection to the women's movement due to its historic Philadelphia hotel, aims to honor the past while empowering the present. They plan to create NFTs that tell the stories of trailblazing women, with each owner able to contribute their own narrative. Despite the male-dominated nature of the NFT space, they believe it's important to involve men as well, offering financial incentives and hotel stays. While navigating the legal aspects, they're proceeding with caution to ensure compliance. To promote the project, they plan to utilize social media and Discord, aiming for a longer launch timeline to build anticipation.

• Building a strong community and content before launching: Taking a thoughtful and strategic approach to building an NFT project is crucial for success. Focus on community and content before launching, be patient and strategic, and consider incorporating a financial literacy component.

  Building a successful NFT project requires more than just rushing to launch quickly. Instead, it's essential to focus on building a strong community and content through platforms like Discord and Twitter before launching. The speaker emphasizes that those who take the time to do this have a better chance of success. He also mentions that the NFT market is volatile and unpredictable, making it crucial to be patient and strategic. Additionally, incorporating a financial literacy component into the project can add authenticity and value, but it's important to ensure it aligns with the overall mission. Overall, the key takeaway is that taking a thoughtful and strategic approach to building an NFT project is crucial for success.

• The Importance of Community in NFTs and Digital Projects: Invest time and effort into building authentic relationships to create a genuine community for long-term success in the rapidly evolving world of NFTs and digital projects. Sharing knowledge and transparency can lead to monetization opportunities.

  Building a genuine community is crucial for long-term success, especially in the rapidly evolving world of NFTs and digital projects. The speaker's personal story illustrates this idea, as they started with a passion project, built a community through transparency and engagement, and eventually monetized their content and products. The importance of community was emphasized multiple times during the discussion, with the suggestion that it's necessary to invest time and effort into building authentic relationships. Additionally, the speaker shared their experience of starting a YouTube channel as a way to share knowledge and build a following, which eventually led to the creation of a product line. Overall, the conversation underscores the importance of community-building in the digital space, and the potential for meaningful connections and financial success that can result from it.

• Overcoming Ego to Scale a Business: Let go of ego to trust others, set right prices, and manage cash flow effectively for business growth.

  Ego can hinder growth in a business. The founders discussed their struggle with delegating tasks and maintaining quality, which led to a focus on their own abilities rather than trusting others. This ego-driven mindset prevented them from scaling their business and hiring employees. They also recognized the importance of setting the right prices for their products to ensure they could afford to pay themselves and grow the business. Another key point was the need to manage cash flow effectively and consider using pre-sales to generate urgency and savings. Overall, the conversation emphasized the importance of letting go of ego and trusting others, as well as effective pricing and cash flow management, in order to scale a business.

• Effective Cash Flow Management for Small Businesses: Focus 80% on maximizing what's working, 20% on new projects. Pre-sell to loyal community, avoid aggressive monetization. Provide value, create positive environment for audience. Experiment with different content and formats on various platforms.

  Managing cash flow effectively is crucial for small businesses, and that entrepreneurs and creatives should focus 80% of their energy on maximizing what's working, while dedicating no more than 20% of their energy to new projects. Pre-selling products to a loyal community is an effective way to generate cash flow and build trust. However, an aggressive monetization strategy, such as charging for chat access, may turn off audiences and harm brand perception. Instead, consider using moderators or finding a better plugin for presales on your e-commerce platform. When it comes to growing a membership or subscriber base, it's essential to provide value and avoid egregious sales tactics. Instead, focus on creating a positive and inclusive environment for your audience. Additionally, experimenting with different content and formats on various platforms, such as TikTok, can help reach new audiences and build a successful business.

• Creating engaging content for retail stores in the specialty food industry: Engage customers through consumer-focused content, attract more audience, build relationships with suppliers, explore private label brands, and collaborate with other brands to differentiate from competitors.

  To build a successful brand as a retail store, particularly in the specialty food industry, it's essential to create interesting and viral content around the products you sell. This content should be consumer-focused and not just about the challenges of the food industry or the exclusivity of the brands you carry. By becoming the marketer and creating engaging content, you can attract more customers and leverage that audience to build relationships with your suppliers. Additionally, exploring private label brands or collaborating with other brands can help establish your store's unique identity and differentiate you from competitors.

• Creating private labels with unique brands can provide double leverage: Focus on premium, innovative products to attract more brands and increase margins. Be authentic and true to yourself to grow your business.

  Creating your own private labels with unique brands can provide double leverage for your business. Not only will it help sell better products, but it will also attract more brands to your store. The key is to focus on premium and innovative products, and reverse engineer the white spaces of your retail store. This strategy not only allows you to increase margins but also gives you the opportunity to monetize trust through presales. Additionally, raising capital can be a challenge for cash flow-intensive businesses like private labeling, so exploring different funding options may be necessary. Ultimately, being authentic and true to yourself is crucial in growing your business. As Gary Vaynerchuk shared, the success of Wine Library TV came when he fully embraced being himself, even when it meant losing some clients.

• Leveraging Discord for Preselling and Community Building: Focus on building a community and preselling high-margin items to maximize growth and success. Hard work, dedication, and creativity are essential for entrepreneurs.

  Preselling and building a community, specifically on platforms like Discord, can significantly help businesses in terms of funding growth, reaching customers, and creating a loyal fanbase. The speaker, who grew a business from 3.8 million in sales to 65 million with a 10% gross profit and no credit line, emphasized the importance of preselling and creating high-margin items. He also highlighted the potential of TikTok as a marketing tool but warned that it may become saturated soon. The speaker's success story also underscores the value of hard work, dedication, and creativity, as he worked 17 hours a day and had the talent to grow his business. Overall, the key takeaway is that entrepreneurs should focus on building a community and preselling their products to maximize their potential for growth and success.