Are you working IN or ON the business?

Are you working IN or ON the business?

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29 OCTOBER 2017

written by Mike

ARE YOU WORKING

IN OR ON THE BUSINESS?

 

Who doesn’t want to be their boss?

To make the hours, take holidays when you want, not answering to anyone when you make a decision. It sounds fantastic, and even though it wasn’t my main reason to leave a good job, I can’t say I didn’t think of that. Two years have passed, and I can say that ‘doing it’ on your own is not easy, and not for everyone.

One of the distinctions that I can make is the difference between building a business and being a business. These are not exclusive but it is vital to know the difference, and Michael Gerber ‘E-Myth’ best explains that.

The truth is that most don’t create a business – they create a job for themselves. When I left my last workplace, I started freelancing.

Is freelancing a business?

It is on paper, but in reality, it was a job that I had to attend every day, even though it was done from home. That’s the biggest mistake people make, according to Gerber. After the grand opening, they quickly create a job for themselves and start working in the business rather than on the business.

 

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So what I could do differently?

Well, if I wanted to start an editing business I would need to find people who edit for me and my job would be to bring new projects – make sales. The profit made by paying the editors and charging the clients would be mine – as a main shareholder in the business. Hence why most small businesses fail. You can’t grow the venture if you are doing the work, which is, of course, a classic catch-22. Most people start a small business on a shoe-string budget; every penny counts, therefore, doing most of the work is the best way to save and reinvest.

But what if you want to do the work?

What if you enjoy it?

That’s not a problem, according to Seth Godin. 

He started various businesses but calls himself a freelancer. If you are a writer, musician, producer, consultant – you are de facto a freelancer. That is, you charge a client for your advice and time you spend on the problem.

Let’s take me for example; I enjoy producing Casefile podcast – writing music for it, editing it, mixing the show. I could hire someone to do the work for me and start a production business, but I don’t want to. I like being part of the team.

My partner is a graphic designer; she too is a freelancer, she trades expertise and time for money. However, on the last project she hired someone else to do the work, she is dealing with the client and the freelancer and takes a fee for being a person in the middle. Business should be a machine, a machine that can run even if you are away on holiday, even when you sleep.

Freelancing does not make you money when you sleep, as you are the money-making machine.

 

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So what is the best way? What is the magic answer?

Like with most things in life, there is none. First, you need to know yourself, what do you like to do, how do you envision your future. Next, take steps based on that vision.m. Starting a business is a lot of work, and there is a high risk of failure.

Are you comfortable with that?

Do you know how to bring clients and sales to the table?

On the other hand, freelancing has a ceiling. There will be a time when you won’t be able to charge more per hour of your service than the maximum, with a business you don’t have these limits. For myself, I reckon the best way is to mix two options.

If you are a freelancer, that means you have a money making skills. It can be graphic design, editing, marketing – it doesn’t matter. You know that worst case scenario you can always make money to cover the bills, you know you can rely on yourself. 

Then you can try your strengths in business. Learn how it works, experiment, fail and try again. It will still be scary, but there will be a comfort on the back of your mind. You know that even if you close the venture, you can always make money with you, with your skills.

I think it gives an easier way to take risks because it won’t make you too desperate. It also mitigates some of the risks, and business (and life) is all about risk control.

How can you try and experiment but protect the downside and your assets at the same time?

What is the best way to turn the opportunity in your favour?

If you are on a fence and thinking of quitting your job, ask yourself first – what is that you want to do and achieve?

What is the best way to do it, while protecting your current situation?

And then, if you are bold enough, leap.

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Creating Globally Appealing Stories

Creating Globally Appealing Stories

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13 OCTOBER 2017

written by Mike

CREATING GLOBALLY

APPEALING STORIES

 

When starting a business, a blog or an internet show, the usual advice is to find a niche, explore it, become an expert in it and then go wide.
Competing on a global level is tough so starting with a narrow topic is a good idea, at least it seems like it.

But what if you want to create something that appeals to a mainstream audience?
What if you want your podcast to be at the top of the charts, listened by thousands?

After working on a show that speaks to a global audience, I can give you a few pointers, a few tips that hopefully can lead to a right direction.

 

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Who listens?

Understanding the audience is the most critical point on the list. Gather the data, study it, draw the conclusions.
What are the countries, regions, gender, the age of the listeners?
What do they expect, what do they like?

It’s difficult to create something for everyone, so aim at a niche but think how can you make it attractive for people who are not familiar with a genre.
Do I need to know the technical language before listening?
Do I need to be familiar with the subject?
Ideally, no.
The goal is to create a show that is popular within a niche but easy to start for new listeners.

Remember that familiarity will more than likely bring listeners. People tend to click on stories and topics they already know, the fear of the unknown is real.
On the other side, you don’t want to be re-hashing same old stories over and over again.
A mixture of old and new is your best bet, offer something familiar to the new audience and something different to established listeners.

 

The Structure

If you want to appeal to a global audience, you need to keep the listener engaged from the start and throughout the show.
I understand that not every episode will be the best, but the goal should be to do the best work each time.

Look at other successful podcasts, how do they structure their shows?
What makes them better than others? Why do listeners keep coming back?

There are limitless shows and content on the internet, the listener has a choice what to do with their time.
They may choose to listen to your podcast once, but you need to think how to make it attractive, so they come back.

The insight I’ve got is that the longer stories tend to do better, but it’s not always the case. We have Joe Rogan‘s 3+ hours per show as well as 30 minute Lore episodes next to each other on the top charts.

Whatever your format is, make your show easy to listen and understandable. Avoid jargon and technical knowledge and if you need to do it, explain the terms used.
Make sure that the show is easy to follow for people who are not familiar with the genre.

 

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Production

To reach a global audience, you need to complete on a global level. Yes, you can still record from a spare bedroom, but when it comes to technicalities, you will need to invest in a professional gear.
That means a microphone, recording software, reliable system.
You will also need to hire people to help, you won’t be able to do it on your own.

In my experience, the difference between an average and something special is usually just 1%, but it’s that 1% that most people cannot put the finger on.

The music band, the director, the artist, the company with a fantastic product.
It seems like the top achievers are doing the same thing as everybody else, but somehow they are different and better.

It’s usually a team effort. The team must work together towards the same goal.
Constant improvement, adjustments, learning from failure and mistakes are the crucial ingredients to success.

Most people say to avoid perfectionism, I agree to some extent, you can’t be extreme if you want to meet deadlines.
But attention to details and at least working towards a perfect product or show, in my opinion, should be a driver too.
If you want to be at the top, of course.
Elements of your show must work together as a whole, nothing stands out, nothing takes priority.
When gathering feedback and reviews, you want people to praise the whole show, the episode, the podcast.
It’s still amazing if they write that the narration or music or writing was excellent, but to be the best, the pieces must work like puzzles. All fit together to create the full picture.

For the last one, don’t take anything for granted.
Once you reach the top, you may think you found a perfect formula, that it’s the time to relax, to step back and enjoy.

Unfortunately, it’s not how it works.
Global audience means more pressure and higher standards, people will see if you start to slack off, everything you do is looked at with a magnifying glass.
The minute the audience is upset or bored, they will switch off the show or change to something else.

Stay on your toes, improve and be grateful that people tune in to your podcast. They don’t have to do that.

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Prioritise your Business Goals

Prioritise your Business Goals

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23 SEPTEMBER 2017

written by Mike

PRIORITISE YOUR

BUSINESS GOALS

 

Let’s talk about prioritisation.

When you start or re-brand a business, more than likely, you will need a strategy session to align everyone on the team. One of the most important exercises, especially when it comes to digital work is a prioritisation task. You and your team will need to answer questions such as how desirable the new direction is, how easy it is to implement it, how does it stack against other ideas.

Once you settle on the common ground, what will you do about the revenue?

Cash is a fundamental building block of business. Without money, your business becomes insolvent and bankrupt. Without the better word, it dies. Cash is oxygen for business and revenue streams bring the money in.

It is pretty simple, right?

So why prioritisation is so crucial?

Well, just like the saying goes “there are a million ways to make a million dollars.” Same with revenue streams, depending on your business you can have many different ways to make money. You need to find out what is the best option for you and your team.

Let take a simple example of a new business, a podcast production venture. A beginning professional will read and research how to make the business work. And she/he will find many ideas online.

“Sell a product!”

“Membership site!”

“Do an online course!”

“Passive income is the key!”

And, albeit, it all sounds fantastic, the reality is a bit more complicated. 

A few months ago I was helping a friend who wanted to take her business to the next level. She needed help with social banners, headers, and website makeover. We agreed on a discovery session to help her clarify her goals and brand.

Her initial idea was to develop a membership site where a user can log in, pay a monthly fee and view training videos and other materials created by her. It sounds like an excellent idea, and what’s even better, at that time we were working on a membership site for another client.

But, upon doing a quick digital investigation on her business, I realised that her idea might not be as simple as it sounds. Her social presence was non-existent; she didn’t have any materials ready or equipment to film the videos.

 

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The myth of easy passive income had to be explained.

“You do realise that easy passive income is neither easy or passive?

Without any following, it would take you a couple of years to build an audience, products, and potential leads.

Do you want to invest money into something that will probably won’t bring a return on the investment? At least not straight away.”

Besides just me being a know-it-all, we also did a prioritisation exercise. It turned out that her market that had most revenue potential was an upper-middle-class seniors. And to maximise the earnings, she could offer services and products to buy directly from her. She had plenty of ideas written in her journal; she just needed a professional design, and a website came to a fraction of a cost of original, membership site idea.

I’m not saying that I wanted to discourage her from doing a membership site. The recommendation was to start building an online presence and following. Creating products and videos. And once the market is established, then invest into a new revenue stream.

But a high upside, no risk, low cost and short-term option was to focus on existing market and develop ways to deliver more value to current clients.

Similar to my brother who is a photographer with extensive experience in club and event photography. He wants to branch out into fashion photoshoots however his current work situation makes it difficult. His practice and social profiles are all about the events and clubs, but he is not making enough revenue to take a break and experiment with photoshoots.

What was the outcome of prioritisation?

Develop your event photography brand. Raise your prices so you can do fewer events and in the spare time starting doing photo shoots. No expectations, no pressure. Use your expertise, maximise the revenue and only experiment with other ventures if you can do it worry-free.

It takes months, years even to establish a successful business; don’t bet everything on an untested idea, especially if you don’t have a strong financial backing. Otherwise, the stress and insomnia will be the end of initial excitement that you had.

Every business is different, but we are all prone to the same fallacies. A new thing pops up, and we want to jump on the latest trend. Innovation, experimentation, and creativity will drive business, but when it comes to revenue and safe return on investment – prioritise your goals.

Every new idea means additional hours of work, revisions, and pivots.

Make sure that the time is justified.

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Differentiation Factor

Differentiation Factor

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28 JULY 2017

written by Mike

DIFFERENTIATION

FACTOR

 

Differentiation factor or much simpler expression – the X-Factor.

One question that I try to answer during strategy business workshop is

“What makes you different from your competitors?”

Let’s focus on podcasting.

Podcasting industry is a booming market; we know that. But the low barriers to entry, lack of regulation make the competition hard and the space crowded. So how do you stand out?

According to reports 112 million Americans have listened to a podcast, up 11% in one year and podcast listening growth isn’t accelerating but rather present a steady growth.

It means that it is a good time to join, but we shouldn’t expect results straight away, it’s a long term game plan.

So the question is if you are a fresh podcaster and want to make your show work, how do you outsmart your competition?

And it’s not just podcasting. X-Factor applies to any business. A production house, consulting, writing, speaking.

If you don’t stand out, you get lost in the crowd.

That’s why the X-Factor should be playing a major role in your online identity design, especially in the beginning.

If I was to ask you, why should I choose your services over the other person? And I’m not interested in discounts, I don’t shop for price, I shop for value.

Can you give me the answer straight away? Do you have it written down? Does your designer/talent agency/partner know about it?

The best way to start is with a story, everyone loves an underdog, someone who succeeds amongst all odds. But if your brand and identity design do not show it, nobody will notice.

Make it easy to find, and share.

Remember, though; it has to be authentic and real. Falling into cliches and overused answers is too common.

On the last conference call with her coach Paulina (my partner and agent) was asked a question – how do you respond to client’s objection that your practice is too small for the project.

The first answers from the community were:

“we’ll small, but fast, we can implement ideas faster, we can quickly grow the team with contractors.”

He said that these were good, but textbook answers. Something that everyone says, something that client is expected to hear.

What else do you have that others are lacking?

Think about that, it’s not just about being different for the sake of it. Everyone is different; everyone has a different journey and story.

Don’t skim over yours, make it the centre of your business, something that makes you stand out from the crowd.

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Defining Feedback

Defining Feedback

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26 MAY 2017

written by Mike

DEFINING FEEDBACK

 

We are afraid to give constructive feedback, and we are afraid to receive it. “Afraid” may be a wrong word. We just don’t like it.

The thought of being average, making mistakes at work, gives me chills. So when someone dares to criticise and correct me, I go into a defence mode. Well, I used to. Now, as you can see, I’m chilled.

 

Why is feedback important?

Learning curve

“I don’t need an assessment. I know my skills.” “What does he/she knows? I’m the one doing the work!”

Does that sound familiar?

It does to me. I used to be like that before I learned the value of a helpful comment. The first benefit is obvious. A strong feedback will speed up your learning curve.

Why would you want to spend hours figuring something out if you can just ask for help?

I remember when I first started on a big job as a trainee. I was quite anxious; that was my big break! The last thing I wanted was to mess it up. So when I didn’t know how to do something, I would spend time on the internet browsing for answers.

“Couldn’t you just ask someone?”

Yes, I could. I just didn’t want anyone to know that I don’t know stuff.

“So clever!” I thought to myself when I found an answer after twenty minutes of searching. And asking my colleagues for help would take twenty seconds. Once you learn the value of asking for feedback, your learning will shoot up. You will understand that it is the best way to progress. And the quickest.

Mistakes

You will make mistakes. It is not an assumption but a fact. Now, the question is, would you want to know about them?

We tend to live and work in environments where perfection is everything. And the truth is we are not perfect, far from it. When someone tells you about your blunder, you should thank them. I’m not even joking.

 

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New people and criticism.

 

Learning curve

Let’s have a look at learning curve again. This time from a perspective of a new staff member. We all know that when we start learning something new, we gain skills exponentially, then comes dreaded plateau.

You need someone to help you. Someone who will boost your skills. No, you won’t progress like you did in this first couple of weeks but you will keep moving forward. It’s a marathon, not a sprint.

In the beginning, you will make a lot of mistakes. Constructive feedback will help you to adjust, correct and learn from them.

Training

What if you are on the other side? What if you need to train new people?

Fortunately, I have some experience in that, both good and bad. When you have someone under your wings, a definition of feedback can quickly change. We tend to judge others from our perspective. We expect from others the same output as we do from ourselves.

Couple years ago I had a responsibility of training a new member of staff. The new guy was a bit older but had a lot of previous experience. In the beginning, he struggled to catch up with my workflow. He kept making the same mistakes; he was slower than the rest of us.

Until one day I understood. It is not him; it’s me. From someone that has just started, I expected the same output as from myself. And it wasn’t helping anyone. We talked a lot; I changed the way I spoke to him. He told me that he was so stressed about making a mistake; he couldn’t focus on other stuff. And my authoritarian rule did not help. See, I thought I was giving him constructive feedback; he saw it as a constant criticism.

In the end, communication is the key.

 

Difference between feedback and nasty comments.

 

Ok, so we talked about why constructive feedback is necessary. Let’s have a look at the differences between feedback and criticism.

Constructive feedback

When you receive feedback from your family, friends or colleagues, they mean to help you. That is the first thing you need to understand. And the hardest. Definition of constructive feedback is simple – it’s a good will. It is there so you can grow. So you can understand your mistakes and learn from them.

Nasty comments

So it is all good and nice. That’s how the world works, right?

Well, unfortunately not.

Sometimes it feels like we are giving constructive feedback, but in reality, we just want to criticise others. It makes us look good. What are the main characteristics of nasty comments?

They will make you feel stupid. Like you don’t know what you are doing. Like you don’t deserve the job. They will make you feel small.

They will embarrass you. You know a thing about nasty comments? People will make them in a group. When you are defenceless. When you are weak. They are not helpful. Nasty comments are not like constructive feedback. They won’t help you grow. They won’t help you learn. They are there just to make you feel sorry.

The minute you understand the difference, you can prepare.

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How to deal with feedback and nasty comments.

 

So now you know what others mean when they talk about your work. It is time to return the ball. How others perceive you depends on how you deal with feedback.

What can you do to look the best you can?

Constructive feedback

Well, the first thing you should thank the person. Someone just took time out of their day to look at your work, and they want to make it better. You may not agree with them, but it doesn’t matter. You should be gracious for the act.

Next, you should take notes.

You see, it is easy to take offence. It is harder to admit imperfection. And the last point, you should learn from the feedback. Even if you don’t agree with it, maybe there is something you overlooked. Maybe if you go with the changes, your work will end up much better.

Nasty comments

Now, there is a different way to deal with nasty comments. Sometimes you want to take the higher road. Sometimes you don’t. First and most important – ignore them.

Don’t bother. Think about it in this way. Someone just took the time out of his or her life to look at your work, to think of the way to criticise you and to make a comment. Who is the bigger loser there?

You haven’t wasted your time; it is the other person. So don’t give them a satisfaction of your attention.

The second way is more direct. If the comments don’t stop, say you don’t appreciate them. Say you don’t like the tone and if there is something wrong with your work you can schedule an official meeting to talk about it. Don’t get cornered at your desk. And have a witness if you can too. A colleague, maybe another line manager.

And the last point. If someone harassed you, speak up. Take it to a higher management, take it to Human Resources. If it’s not possible, contact a professional advisor. And leave. You probably won’t change the environment and life is too short to spend it in toxic places.

 

How to give feedback

 

People have different ideas, different approach. Acknowledge that. First of all, when you talk to someone about they work what do they say?

“I’m so sorry.”

Well, tell the person that they don’t need to apologise. Everyone makes mistakes. Failure is a part of life, a part of learning. There is no reason to worry about it.

Also, don’t pick on little mistakes. Yes, you can mention them when you talk about something bigger. But there is no need for a meeting every time you spot something. It makes you look like you are watching every step of everyone around you.

Make sure they know about it, though. If people don’t know that they are making mistakes, they will keep doing them. Sit down with them and go through their work. Take your time, explain why it matters. Don’t just call someone and expect him or her to change right away.

Invest a little time. It will be appreciated.

A proper feedback platform should exist. Where staff and managers are not afraid to speak up, to talk about each other’s work. And not behind people backs. There are interesting examples of openness in a workplace. Ray Dalio and his investment firm Bridgewater Associates are an example of that. They record every meeting, and everyone is welcomed to watch the tapes. Every time someone mentions your name, you get a notification, and you can look at the video of it.

Extreme measures?

Maybe, but his firm is one of the most successful in the world. I’m not saying that we should be filming our every step. I’m saying that we shouldn’t take so many things so personally.

So next time, don’t attack the feedbacker, welcome him/her with open arms instead.

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