Podcast Summary
3D technology in hotel renovations: 3D technology in hotel renovations saves costs by providing accurate measurements before the project, preventing over or under-ordering of materials, and costs between 130 to 150 pounds per room, leading to substantial savings in the long run.
Michael Kieranen's video production business, Geomousemaus.com, offers 3D technology solutions to save hotels and multifamily residences significant costs on renovations by providing accurate measurements before the project begins. This technology acts as an upgraded version of architectural plans, allowing for precise ordering of materials and negating the issue of over or under-ordering. The business charges between 130 and 150 pounds per room, with most hotel refurbs involving multiple rooms, resulting in a total cost of 15 to 25,000 pounds per job. This investment can lead to substantial savings in the long run. Michael's business is unique as it focuses on the pre-construction phase, while competitors like Metaport cater to marketing materials post-construction. The Business Broadcast, hosted by James Sinclair, provides valuable insights from entrepreneurs and business owners, sharing their experiences to help listeners grow their businesses.
Fish and Chip Shop Owner Challenges: A fish and chip shop owner with a revenue of 25-30K faces challenges in finding the right avatar for marketing, expanding rapidly, finding educated talent, and managing operations while aiming for a few million in revenue and potential buyout, which may decrease profit margins.
Michael, a fish and chip shop owner with a business that's been running for two years and generates an estimated monthly revenue of 25-30K, is facing challenges in finding the correct avatar for marketing to bring in new clients, expanding rapidly and finding educated talent, and managing a broad range of business operations. His biggest goal is to grow the business to generate a few million in revenue per year and potentially be bought out by a larger company. However, as he plans to hire more staff to achieve this growth, he may not make the same profit margins, which are currently around 50%. This is a common challenge for solopreneurs who are used to making a good income with minimal staff and overheads but then have to invest in the business to grow it further. If you're a business owner looking to grow, it's essential to consider these challenges and plan accordingly.
Hotel Industry Ownership: Identifying the decision-makers in the hotel industry for renovation solutions is challenging due to the separation of management and ownership, with franchises often holding the power and wealthy individuals preferred as property owners due to cost of capital
In the hotel industry, finding the right owner is the biggest challenge for businesses looking to provide renovation solutions. Hotels are often managed and owned by separate entities, making it difficult to identify the decision-makers. These owners may own multiple properties and are more interested in the big picture than the day-to-day operations. Franchise models also come into play, with hotel owners paying brand fees to use their names and then hiring operators to manage the properties. The relationship between the parties involved can vary, and the need for brand identity often puts the power in the hands of the franchises. Ultimately, the cost of capital deployed is a significant factor, with brands preferring to have wealthy individuals own the properties and focus on building the brand systems instead of managing the commercial real estate themselves.
Industry Conferences, Google Ads: Industry conferences and Google Ads are effective marketing strategies for hotel business owners. Networking and expanding expertise at conferences, while targeting the right audience with Google Ads, can lead to new clients and establishing a strong industry presence.
Attending and speaking at industry conferences is a valuable marketing strategy for business owners, particularly those in the hotel industry. By focusing on conferences for hotel owners, operators, franchisees, and investors, as well as construction and financial conferences, business owners can expand their network, meet potential clients, and establish themselves as experts in their field. Google pay-per-click advertising is also a worthwhile investment for reaching a larger audience. However, it's essential to target the right audience and consider seeking the help of a professional to optimize campaigns. Ultimately, providing value and solutions to the marketplace is key to drawing in and retaining customers.
Speaking engagements: Securing prime speaking slots and offering to speak multiple times at conferences and events can attract high-value clients, establish expertise, and positively impact a business's reputation.
Speaking at conferences and events can be a game-changer for businesses. The power of delivering a keynote talk can attract potential high-value clients and establish authority and expertise in a particular industry. While exhibition stands are important, the real value lies in speaking engagements. Speakers can reach a larger audience and leave a lasting impression. It's crucial to secure a prime speaking slot and offer to speak multiple times to maximize exposure. The endorsement of being on the stage can also positively impact a business's reputation. Speaking for free at smaller events can also lead to valuable connections and opportunities. Jimbo shared his experience of making millions of pounds from speaking engagements and emphasized the importance of word-of-mouth acceleration within the industry. Jimbo's first customer came from a speaking engagement at a college event where he studied Geomatics, a field that involves capturing the physical world and converting it into a digital format.
Niche market opportunities: Identifying and addressing the needs of existing clients in a niche market can lead to significant growth opportunities. Hire individuals with partial skills and train them to overcome talent limitations during expansion.
Identifying and addressing the needs of existing clients in a niche market can lead to significant growth opportunities. This was exemplified in the discussion where the speaker shared how a chance conversation with a family friend led to his first major client, which was a large chain of restaurants in the US facing issues with obtaining architectural drawings. This encounter opened up an untapped market for the speaker's services, which focused on providing as-built drawings for existing buildings, particularly hotels that undergo frequent renovations to maintain their brand standards. The challenge of rapid expansion, however, lies in finding and onboarding skilled talent quickly to fill the demand for services. The speaker mentioned that in their industry, which involves Revit Modeling and other engineering work, the talent pool is limited, making it difficult to scale operations. To overcome this, the speaker suggested considering hiring individuals with partial skills and then training them in the remaining areas. Another point raised was the importance of being prepared for the unexpected, as rapid expansion could bring about unexpected challenges and opportunities.
Expanding Business: Finding and training specialists or upskilling existing staff saves costs and allows for business growth. Immerse in industry to learn faster and identify specific niches for opportunities.
Expanding a business may require finding and training specialists, but it's also an opportunity to upskill existing staff or bring in new team members with the right attitude and some of the necessary skills. This not only saves costs but also allows for business growth and the development of a strong team. Another key takeaway is the importance of immersing oneself in the industry and learning from experienced professionals, whether it be through shadowing, mentoring, or collaborative work. This can lead to a deeper understanding of the business and faster learning than remote methods. Lastly, identifying and serving a specific niche can lead to great opportunities for content marketing, building a community, and potentially attracting larger clients or even acquisition offers.
Client Relationships: Maintain relationships with clients, but don't rely too heavily on any one client or operation to mitigate risk of displacement. Gradually delegate tasks and bring on new team members to maintain presence while providing value and touching base regularly. Focus on both ideal and smaller clients to build a strong customer base and grow business over time.
Building and maintaining relationships with clients is crucial for business success, but it's important not to become too reliant on any one client or operation. This can help mitigate the risk of being displaced due to changes in leadership or business mergers. To move away from operations, bring on new team members, introduce them to your clients, and gradually elevate them while still maintaining a presence. Don't worry too much about losing clients or being completely delegated out, as long as you provide value and touch base with them regularly. Additionally, focus on both ideal and smaller clients to build a strong customer base and grow your business over time. Remember, neglecting your tree (your customer base) can lead to a lack of ideal customers in the future.
Starting small, LinkedIn for entrepreneurs: Starting small allows entrepreneurs to learn essential skills and grow personally, while also being cost-neutral as they hire new staff. LinkedIn can be an effective platform for finding ideal customers by engaging with their content and building relationships. Great entrepreneurs have traits like starting with the end in mind, passion, mastering relationships, and being a teacher when curious.
Entrepreneurs can benefit from starting small and working their way up to bigger projects, learning essential skills along the way. This process not only allows for personal growth but can also be cost-neutral as the entrepreneur gets paid while training new staff. Additionally, LinkedIn can be an effective platform for finding ideal customers by engaging with their content and building relationships. Michael Kiernan from GOMAS, who was a guest on the podcast, was rated as having four out of the eight traits of great entrepreneurs. These traits include starting with the end in mind, being passionate, mastering relationships, and being a teacher when curious. While Michael did not make it onto the Atroids of the Great's leaderboard this time, most people typically score between four and five traits. The podcast also encourages listeners to leave reviews and comments with ideas for Michael's business or if they are in related industries.
Business growth: Contribute to the podcast's mission by subscribing, rating, and reviewing to help it reach a wider audience and assist more businesses in growing.
Learning from this podcast episode is the importance of growing your business and the role this podcast plays in helping you do so. The hosts express their passion for assisting business owners and invite listeners to contribute to their mission by subscribing, rating, and reviewing the podcast. By doing so, the podcast can reach a wider audience and help even more businesses succeed. Additionally, watching or listening to the podcast on specific platforms can help boost its visibility and reach. Overall, this podcast episode emphasizes the value of collaboration and community in business growth. So, if you're looking to expand your business, tune in to this podcast and join us in our mission to help businesses thrive. Don't forget to subscribe, rate, and review to help us spread the word!