10 Things I Wish I Knew Better Before Starting My Business

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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.

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Episode Transcript

Speaker 1 (00:00):
Welcome to the Elevate Media Podcast with your
host, chris Anderson.
In this show, chris and hisguests will share their
knowledge and experience on howto go from zero to successful
entrepreneur.
They have built theirbusinesses from scratch and are
now ready to give back to thosewho are just starting.
Let's get ready to learn, growand elevate our businesses.

(00:20):
And now your host, chrisAnderson.

Speaker 2 (00:25):
Welcome back to another recording of the Elevate
Media Podcast.
I am Chris Anderson, your hostToday.
I'm going to tell you the 10things, 10 things I wish I knew
better before I started buildingElevate Media Group.
So we're going to jump rightinto it.
The first thing is how to domarket research.
Market research might not soundlike the most exciting part of

(00:48):
the business, but in reality,it's truly the foundation on
which your success is going tobe built or crumble.
The first key point withinmarketing research is
understanding your audience.
You've got to know who they are, what their preferences are,
and by segmenting your audienceyou'll be able to tailor your
content to their specific needs.
Imagine you're producing acorporate training video.

(01:11):
Your approach will be verydifferent if your audience
consists of tech savvymillennials compared to a group
of seasoned executives.
Knowing your audienceintimately allows you to create
content that resonates with them.
Now the second thing I wish Ilearned before starting my
business was analyzingcompetition.
You've got to take a good lookat what others are doing in your

(01:33):
industry.
What are their strengths?
Where are they falling short?
Where are their gaps in themarket?
This analysis can revealopportunities for you to be
different and stand out and beinnovative in that marketplace.
Now, the third thing I wish Iknew was staying ahead of
industry trends.
The world of business is alwaysevolving, so new technologies

(01:56):
and creative approaches areemerging regularly.
By staying in forward about thelatest trends, you can
incorporate fresh ideas intoyour work, whether it's a new
camera technique or storytellingstyle that's getting popularity
.
Being in the know keeps yourproduction relevant and engaging
.
Now, the next thing I wish Iknew would have definitely

(02:16):
helped, and that was to create aclear business plan.
Now you might be thinking whydo I need a business plan?
Isn't that a little outdated?
I think it's truly just aroadmap to success, and it's the
document that outlines yourjourney, and it comes with
complete milestones anddirections.
Now, obviously, your journeycan change.
Those things can ultimatelyshift.
The ultimate goal stays thesame.

(02:38):
So your business plan serves asa compass, guiding you through
the challenges and opportunitiesthat lie ahead.
It keeps you on track to thatultimate goal.
It's that strategic playbook.
It helps you make informeddecisions and stay the course.
Now, moving on to the next thingI wish I knew, and that is
financial management.
Financial management isn't justabout crunching numbers.

(02:59):
It's about securing thefinancial health and longevity
of your business.
You see, your finances are thelifeblood of your business, so
this one's an important thing tolearn, and keeping detailed
records of income and expensesnot only helps with hacks
preparation, but it alsoprovides critical insights into
your business's financial health.

(03:19):
You'll know how much money'scoming in, how much money's
going out and breaking down goodfinancial health even more is
effective cash flow management.
Cash flow management ensuresyou have enough liquidity to
cover operational expenses andemergencies.
That's huge.
That's something I really wishI was told early on, because
it's about finding a balancebetween reinvesting in your
business and maintaining afinancial safety net.

(03:42):
Now, as your business evolves,so should your financial
strategies.
So you got to be ready toadjust your budgets, your
investment plans and financialgoals to stay in sync with your
business's changing needs, and Ihighly recommend getting
connected with someone who doesthis, whether it be a cohesive
relationship where you help oneanother out, where you invest in

(04:03):
the business by paying theseindividuals to give you guidance
or direction, or maybe you finda social media influencer who
does this really well and givesvery good guidance so you can
take the correct steps forward.
But it's definitely importantto find a mentor or advice solid
advice somewhere and in someway.
And this next thing that I wishI knew before starting my

(04:25):
business was how to do betternetworking.
Networking isn't just aboutattending events or collecting
business cards.
It's about building meaningfulconnections that can propel your
business forward, whetherthat's attending conferences or
workshops or even online events.
Connecting with fellowprofessionals can open doors to

(04:45):
partnerships, collaborations andvaluable insights.
Growing a business truly is allabout who you know, so working
with your peers in the sameindustry you're in can lead to
exciting projects together andeven some new perspectives.
Collaborations often result increative sparks that can take
your business to that next level.
We can't do that withoutnetworking, and networking

(05:08):
doesn't have to always be inperson, as we found out in the
last handful of years.
In a digital age, having arobust online presence is
essential.
It's not just about showcasingyour work, but it's also about
engaging with your audience,sharing insights and
demonstrating your expertisethrough the value you put on
social media.
This online network you'rebuilding can result in big

(05:30):
returns for your business.
Now, building a network is onething, making the most of it is
another.
You've got to tap into yourconnections for referrals,
advice and industry insights.
Your network can become avaluable resource for your
business growth if usedcorrectly.
Now, moving on to the next thingI wish I knew when I started my
business was marketing andbranding.

(05:51):
That's a vast topic and there'sa lot within that, but your
creative work deserves to shine,and effective marketing and
branding are the tools to makethat happen.
First, we're going to talkabout why building a strong
brand is essential.
Your brand is your identity.
It's what sets you apart fromthe competition and communicates
your unique style and values toyour audience.

(06:13):
It's important to showcase yourportfolio, all the work you've
done.
This visual resume showcasesyour best work, or what you've
been able to do for your clients, and it's a powerful marketing
tool that can attract new andpotential clients.
And then, when you utilizesocial media in that strategy,
it's going to help you grow andexpand that reach.

(06:34):
So creating engaging contentand doing it on a regular basis
can help you build a loyalfollowing and generate interest
in your work.
So the next thing that I wish Iknew was about nurturing client
relationships.
Building strong clientrelationships isn't just good
business.
It's the secret sauce thatkeeps clients coming back and
referring you to others.
One way to have strong clientrelationships is with clear

(06:58):
communication.
Don't assume anything, becausewe all know what happens when we
assume.
Having clear communication isthe foundation of any successful
project.
Be transparent, be responsiveand be proactive.
When your interactions fostertrust and ensure that everyone
is on the same page, everyonewins and everyone's happy.

(07:18):
Communication is so crucial,but so is the concept of
delivering exceptional services.
Going above and beyond for yourclients not only leaves a
positive impression, but canalso lead to long term
partnerships and referrals.
Professional service sets youapart in a competitive market
under delivering and overpromising.

(07:38):
And then, when you're seekingfeedback from your clients, this
not only helps you improve yourservices, but it also shows
that you value their input.
It's a win-win that can lead tobetter projects and happier
clients.
Now, the next thing I wish I hadknown more about before I
started my business wasadaptability.
Our industries, no matter whatit is, are ever changing.

(08:00):
The ability to adapt and evolveis not just valuable, it's
essential for success.
This landscape is dynamic.
New technologies and trendsemerge constantly.
Staying informed about yourindustry's developments and
trends is key to remainingrelevant and competitive.
The pursuit of knowledge neverends.

(08:22):
Investing in continuoustraining for yourself and your
team keeps your skills sharp andensures you can deliver
top-notch work to your clients.
Another thing I wish I knew moreabout before starting my
business was mindset andperseverance.
Success is a fast-paced journey.
You've got to maintain yourpassion and determination and
that's what's going to set youapart.

(08:43):
Building a successful businesstakes time, it takes struggle,
it takes sacrifice.
You've got to set achievablegoals and understand that
success is a long journey.
It's not an overnight success.
It's not an overnightachievement.
So you've got to understandthat.
So you can have a long-termmental mindset, you can have
mental stamina, and this is whycelebrating progress is so

(09:05):
important, celebrating the smallwins, when you acknowledge and
celebrate milestones, no matterhow small.
This keeps you and your teammotivated and fosters a positive
work environment.
So we covered everything frommarket research and clear
business plans, financialmanagement, networking,
marketing and branding, clientrelations, adaptability and the

(09:27):
invaluable traits of mentaltoughness and persistence.
And as we reflect, one thingbecomes abundantly clear Success
in business is not just aboutthe technical aspects of our
craft.
It's about a holistic approachthat combines creativity,
strategy, professionalism and arelentless pursuit of excellence
.
Remember, building a successfulbusiness is a dynamic process

(09:50):
that involves continuouslearning, adaptation and
unwavering dedication.
It's about creating meaningfulconnections, delivering
exceptional work and alwaysstriving to elevate your
business.
So, as we wrap things up, Iinvite you to stay connected
with us on social media.
Share your thoughts andquestions and continue this
dialogue.
Follow me at christanderson orsubscribe to our YouTube channel

(10:14):
at official Elevate Media.
We're here to support you inyour business journey.
So thank you once again forjoining us on the Elevate Media
Podcast.
Share this with someone who'strying to build their business
or are thinking about gettinginto entrepreneurship.
But until next time, continueto go out there, elevate your
life, elevate your brand, andwe'll talk to you soon.

Speaker 1 (10:34):
Thank you for listening to the Elevate Media
Podcast.
Don't forget to subscribe andleave a review.
See you in the next episode.