There’s a good chance that the current economic climate will lead to a surge in entrepreneurship. With many 9-to-5 jobs falling to the wayside, people will have to be resourceful if they want to continue making ends meet. The digital marketplace has seen an increase in participants, and that number is likely to grow since many of us have plenty of free time on our hands.
The lockdown hasn’t been ideal, but it has provided the perfect opportunity to enhance your skillset or begin chasing that ever-elusive dream. Are you ready to be your own boss? Do you want a job, or do you want a career? Now is the time!
This week, I sat down with the co-founder of 705 Creative, Bianca Nucaro. 705 Creative is a digital services agency that provides services such as web design, social media management, photography, videography, ad campaigns, and so on. We covered everything from barriers to entry to turning a profit as a new business owner.
As per usual, I’ll highlight a few key points below, but I encourage you to listen to the full interview when you have a chance.
Be Adaptable and Embrace Change
Bianca mentioned that the current incarnation of 705 Creative is not its original form. Customers began asking her if she could provide other services, so she seized the opportunity and shifted her business model on a dime. That’s the definition of an adaptable business.
We all know who we want to be, but in business, the bottom line is solving problems. Are you solving a problem with your goods or services? If your customers are coming to you with new issues that you don’t currently handle, are you going to send them elsewhere, or are you going to adapt your business so that you can solve those problems yourself? These are the marks of a successful business. They don’t let many opportunities slip through the cracks.
The Jack of All Trades vs. the Master of One
It has always been a hotly debated topic, so let’s take a quick look at it. The term jack of all trades was originally meant to be an insult, but the narrative has shifted completely. These days, it’s essential to have a few different skills to fall back on. Specialists, on the other hand, are gradually getting phased out by automation.
Bianca noted that she takes on different roles within the company every day. She also works as part of a team with another jack of all trades and a specialist. This business model allows 705 Creative to be multifaceted while providing precise services.
The simple fact is that being a jack of all trades increases your long-term viability as an employee and as an entrepreneur. Look no further than the list of companies that have gone out of business during the pandemic. Many of them specialized in one area, and they did that one thing better than anyone else, but when the market shifted, and there was no longer a need/demand for their goods/services, they couldn’t adapt. The companies that were multifaceted like Amazon, Netflix, Spotify, etc. survived and thrived.
Think of being a jack of all trades as having a plan b, c, and d.
We’ve all heard at one point or another that it’s not what you know, it’s who you know. Yes, even in the digital marketplace, networking is crucial. 705 Creative did a lot of their early business based on referrals from within their local community. Bianca stressed that it was vital to the success of the company.
No matter what, you’re going to need to find a way to connect with your constituents. You can attend conferences, reach out to your contemporaries, get a mentor, or engage more on social media. Whatever you do, make sure that you build a strong network and establish lasting relationships with your customers.
Use Social Media Efficiently
If you’re anything like me, you don’t spend much time on social media. It can be anything from tedious to overwhelming, depending on what your goal is that day. When you use too much social media, you risk social media burnout. You have to learn how to leverage social media efficiently.
Bianca stated that it’s not imperative that you use social media every day, but you do have to use it. The key is to figure out what works best for you. Are you a social media ninja who can effortlessly juggle multiple social media apps for hours on end? Then you should jump in and engage as much as possible. If you’re like me and can only manage to consistently use Facebook and Instagram a few times per week, embrace that as well.
Be true to your personality. Yes, your business will grow faster the more you engage on social media, but remember that quality is better than quantity. You’re better off putting out three amazing posts every week than one mediocre post every day.
Schedulers are great tools for streamlining the production process, and there are numerous social media scheduling apps on the market that can help you. Do a bit of research and pick the one that works for you. You can even hire a social media manager if you want someone to create posts and engage with social media on behalf of your business.
The average business will not turn a profit in its first year. According to Bianca, it takes about five years for a business to become profitable and self-sustainable. Do you have what it takes work through those first five years? Do you love your business enough to do it even though you might not make any money right away? Can you generate other streams of revenue to sustain yourself while your business grows? These are questions that you need to ask yourself before jumping in.
Many businesses fail because business owners give up too quickly or are unable/unwilling to adapt. It took 705 Creative five years before the company became profitable, and they had to alter their business model along the way. It was only successful because the owners were passionate about their desire to make it work. If that meant losing money or operating on a shoestring budget for a few years, then so be it. That’s the type of conviction that you’ll need for your business to thrive.