Entrepreneurship can be an intimidating concept for many people. How do I do it? Can I afford to go out on my own? Where are my customers going to come from? What are we going to offer that differs from everyone else? These are all questions that I’m sure we’ve all asked ourselves when we contemplate going out on our own. And they are all very important.
There is no simple solution or magic recipe that will guarantee success. If it were that easy, I’m sure we would all prefer to work for ourselves and set our own rules — live the dream! Trust me, it’s not. It takes endless hard work, determination and a lot of blood, sweat and tears. I have been here before, and learned a lot of incredibly important lessons over the years. Many of these learnings are going to be key to the success of my new venture — The Neighbourhood Agency. And I plan to succeed!
As I set out to build The Neighbourhood Agency, which we launched in January 2019, I’ve spent a lot of time thinking about all of these questions, and working through the solutions that I believe will bring about the business that I envision. Here are a few of the key learnings that I want to share for those who may be going down this path and are looking for some support:
Build a Plan
When I started my first agency, I really just flew by the seat of my pants. I sold my home, packed up my car and traveled across the country on a hunch. It’s not that I didn’t think about it a lot, or take it seriously, but I honestly didn’t create a plan. I relied on my knowledge, relationships and skills to start it up and keep it going. Those were all critical elements, but without having a plan to work from and towards, I’m certain that I didn’t leverage any opportunity as much as I could and should have. We would never recommend to our clients that they just go to market without a solid strategy and goals and objectives to measure our success. So why are our businesses any different? They aren’t.
I worked on that business for close to 10 years, and I believe that it was quite successful, but I really have no gauge, other than the fact that I had a number of great clients and I paid my bills. Could it have been bigger? Could our profits have been higher? Why were some years better than others? Those are questions that I honestly can’t answer, because I didn’t have a plan to refer to or learn from.
I closed down that agency about 4 years ago, and went back to working “for someone else.” And it was during this time working within a larger organization, that I was able to glean knowledge from many other seasoned entrepreneurs, including the importance of planning.
So, when I developed the concept around The Neighbourhood Agency, I started with a plan, and I know that this venture will be successful BECAUSE of a plan, not despite it.
Learn from Mistakes
Everyone makes them, but we don’t all understand that they provide us with more learnings than any win can. Dig deep.
While my first agency was a great experience, there were many things that I learned from it. Part of it was just growing pains, but a big part was also ignoring the areas that needed attention. It’s human nature for us to not want to face the challenges we don’t like, or aren’t confident in our knowledge of, but in my experience, those are EXACTLY the areas that we should focus on. Learn from these and take that knowledge to ensure your next plan, program or business excels in that area.
Again, when we work with clients, we always provide them with insights into challenges we ran into, what could be done better next time, and the key learnings from the program. Make sure you do this for your own business too! It is a great feeling to look back and realize that you’ve been able to conquer something that previously kicked your ass.
Work for Yourself, Not by Yourself
Networking is King. Don’t know something? Ask. Need some advice? Ask. But also make sure that you are open to providing the same. There is nothing worse than someone who is always looking for your help, but never giving in return.
Stay in touch with people. Ask them out for a coffee or a beer. Be genuinely engaged in what is going on in their life — personally and professionally — and reach out when they have some positive news in their world. And, just as importantly (if not moreso), reach out when they have something challenging going on in their life. Just as you would a friend or family member, it’s important to ask “How can I help?” Don’t just be there for the highlights, dig in for the low notes too. It is vitally important to make time for others and help them whenever you can. You never know how they may be able to support you and your goals. And, it just feels good.
Mentors, work groups and business coaches are also extremely helpful to guide you along the way, and to inspire you to strive for more. Find someone that you respect and who is knowledgeable in the areas you want to excel at, and create a relationship with them. If you can find someone that you can provide guidance to in another area, that’s a win-win. Hold each other accountable for your progress, and take time to celebrate small (and big) wins together.
That’s exactly why I started The Neighbourhood Agency. We want to create an environment where communications professionals from all different areas can work together to build something great and deliver unmatched results for our clients. We are a collective of independent and small businesses that have determined that we are better together. We are creating an agency environment where we can all succeed independently and as a collective too.
I’ve been in the agency world for a long time, and I love that I can continue to learn every day. There are always new experiences, new clients, and new friends along the way.
So, my advice, if you want to take it: Take the risk, but make sure you’re ready for it to be as awesome as you can possibly imagine. Be prepared. Keep learning. Build a network.
It’s worth it.
A version of this post originally appeared on SpinSucks