Podcast Summary
From policeman to business owner: Overcoming growth challenges: Implementing effective strategies led to a significant revenue increase for a growing business, despite initial hurdles and new challenges in expansion.
Starting a business from scratch, even with prior experience in a different field, comes with its own unique challenges. Alex, a former policeman turned successful business owner of The Vinyl Guys, shared his journey of growing his commercial printing business. Six months ago, he was facing issues with handling growth and managing website problems. After implementing the strategies discussed on the Business Broadcast, he has seen significant revenue growth, from $10,000 to $17,000-$19,000 per month. Now, Alex is dealing with the challenges of expanding a growing business. It's essential to remember that every stage of business development brings new challenges, and seeking advice from experienced entrepreneurs can help navigate these hurdles.
Letting go and trusting others for business growth: Hiring capable employees and focusing on innovation are key to building a business that can operate without you, ensuring long-term growth and profitability.
Building a business that can operate without you is crucial for long-term growth. This was the most challenging aspect for the interviewee, who found it difficult to let go and trust others to take care of tasks. However, hiring capable employees and focusing on innovation have proven to be game-changers. Innovation keeps the business relevant, while employing staff allows the business owner to focus on growth and eventual sale, turning it into a profitable investment. The interviewee's current challenges include managing growing pains, and they invite advice and support in addressing these issues.
Considering Hiring: Experienced vs Apprentice: Weighing pros and cons of hiring experienced vs apprentice, potential benefits of having both, challenges of hiring more than 12 employees, and importance of accurately forecasting business growth.
Expanding a business by hiring new staff members, whether experienced or through an apprenticeship, can be a beneficial decision if there is a steady pipeline of work. The speaker, who has been managing everything himself but is now considering bringing on additional help, is weighing the pros and cons of hiring an experienced industry professional versus an apprentice. The decision to bring on both could be advantageous, as the experienced hire can help train the apprentice, and the apprentice can be brought on at a lower cost due to government schemes. However, it's important to consider the potential challenges that come with having more than 12 employees, such as maintaining a positive company culture. Another challenge the speaker faces is the difficulty of accurately forecasting the business's growth over the next six to twelve months. Overall, the speaker is at a crossroads in his business and is carefully considering his options to ensure continued growth and success.
Maintaining a steady workflow in print business: Contract work, social media presence, and paid advertising can help print businesses manage their workload and grow
A combination of contract work, regular presence on social media, and strategic use of paid advertising can help a print business accurately forecast and manage its workload, even when it's up and down. The speakers shared their experiences of having contract jobs with big companies, organic growth through social media, and the potential of paid advertising to bring in work. They emphasized the importance of having a regular presence on social media platforms and suggested trying paid advertising when business is slow. The speakers also mentioned their success with print business growth workshops, which could be a potential next step for those looking to grow their own print businesses. Overall, the discussion highlighted the importance of a diverse range of clients and marketing strategies to maintain a steady workflow in the print industry.
Grow your database and consider buying a commercial property: Growing your database through webinars, podcasts, and direct mail campaigns can lead to business expansion opportunities. Buying a commercial property can increase business value and potential selling price.
Expanding a business training workshop requires building a larger database through various means like webinars, podcasts, and direct mail campaigns. Additionally, considering purchasing a commercial property for your business can lead to significant long-term benefits, such as increased business value and potential higher selling price when exiting the business. This strategy, known as "marrying the property and the business," can result in a substantial increase in the overall value of your enterprise. So, focus on growing your database and keep the idea of buying a commercial property in mind for future possibilities.
Be a marketer, not just a doer: Focus more on marketing efforts to grow your business and learn marketing skills for increased success. Follow James Sinclair on social media and check out his resources for more help.
To grow your business, you need to focus more on marketing and less on operating. James Sinclair, a successful entrepreneur, emphasizes the importance of being a marketer, grower, and coach for your business rather than just an operator. He suggests spending more time on marketing efforts and encourages entrepreneurs to learn marketing skills to increase business success. Sinclair also offers resources such as his podcast, Instagram, YouTube channel, and Entrepreneurs University to help business owners grow their businesses. To apply for the podcast or join his university, visit his website, jamesinclair.net. Don't forget to follow him on social media for more content. Additionally, consider joining Clubhouse, a platform filled with business owners and entrepreneurs, for networking opportunities. So, remember, to grow your business, be a marketer, not just a doer.
