Entrepreneur at Age 30: Life’s About to Get Good
Today is my 30th birthday. To the vast majority of people, that milestone doesn’t change any aspect about your career. But for me it does. I started my public relations consulting business, Bennis Public Relations when I was 23 years old. In those first few months of stepping out on my own, I also started the blog that you’re reading now.
The most fitting tagline I could think of at the time for my blog was “The World As Told By a Twenty-Something Entrepreneur.” I didn’t know where this leap of faith would take me, so I was hardly worried about what would happen when this tagline was no longer true of me or my business. I just wanted to survive my first year of taxes!
Six and a half years later, I’ve done more than just survive. I’ve surprised myself in more ways than I can count, and I’m fortunate to say the entrepreneurial journey is the path I’m meant to be on for the rest of my foreseeable future. However, this year presents me with a unique challenge. I need to take a step back, reflect on how far I’ve come, and embrace a new mindset that progresses beyond the twenty-something entrepreneur I was when I first started the business.
Sure, I could keep things simple and update the decade to “thirty-something,” but what fun is that? Rather, I want to share with you the thought behind what will become my new tagline and my new mantra for my personal and professional brand. I want to pull back the curtain and give you insight into how I’ve developed and re-developed my business model over the years, how I’ve had to pivot, pause, leap and stretch.
Will you join me as I relive a little of my entrepreneurial “dance?”
Getting Comfortable with Being Uncomfortable
In the first year or so of starting my own business, I had to get comfortable with being uncomfortable. By that I mean I learned to live lean! I canceled cable and internet and worked out a deal with my neighbor to share his WiFi so we both saved on cost. I took on odd jobs in my spare time to help make ends meet. I tightened my budget in a lot of creative ways, all for the reward of starting my own business.
I may have been young at the time, but I was wise beyond my years for doing this. A lot of people don’t want to sacrifice the little luxuries of right now for the ability to afford far greater luxuries in the future. My business was my baby and I was willing to do whatever I had to do to help it grow.
Using “Young” to My Advantage
Throughout my twenties, I felt like I needed to constantly prove to people that my age was an advantage. I’ve witnessed many businesses who simply like the idea of hiring an older PR consultant because they feel as though age alone qualifies someone as being more experienced and knowledgeable in their field. This couldn’t be further from the truth.
I was strategic about calling out my age and positioning it as one of my greatest strengths. In my biography, on my website and in client meetings I made sure to align my youth with the concept of new energy, innovation, fresh ideas, cutting-edge technology and a different way of thinking. Again and again, I was able to build confidence in my clients and win their business over other consultants who were easily twice my age.
Learning that Responsiveness is Unique
As I grew my business, I felt like I really hit a tipping point when I focused on providing quality, reliable service. It sounds so simple, but it was a huge point of differentiation for me. Being responsive to my clients and delivering good, fast service helped me to substantially grow my book of business.
These satisfied clients turned into ongoing retainers and also my best form of marketing. Nearly 90% of my clients are word of mouth recommendations in some form. That’s powerful! Not only do recommendations result in very qualified leads, these businesses tend to share the same values as my existing clients who are a pleasure to work with.
The bottom line: If you are responsive, attentive and reliable, you will instantly set yourself apart from the majority of other businesses out there! It’s a disappointing truth I have used to my advantage.
Increasing My Value, Increasing My Bandwidth
About two years in, I had built up a good book of residual business and my brand was growing. In order to continue to take on more clients I needed to do one of two things. I needed to raise my prices or hire employees. I had no interest in splitting profits and managing employees, so I needed to re-evaluate my rates to determine what was fair to both me and my clients. It’s a delicate balance. If you charge too little for your time, you’ll have plenty of business but still be dissatisfied with your earnings. If you charge too much for your time, you’ll turn away good customers. And the customers who do hire you at this premium price will want the moon and the stars. So how did I manage this?
Every year my hourly rate goes up by $5. This becomes my new base rate for all new clients. For existing clients, I honor the rate I gave them when they initially signed into their contract. So long as they maintain or increase their level of services with me, they get the benefit of this rate. If they choose to pause or decrease services, their new contract will be at my current market rate. Make sense?
By implementing this new policy, I was able to give my loyal clients the benefit of great rates that aren’t arbitrarily raised on them each and every year. That’s way better than a box of chocolates at Christmas! In return, they give me the benefit of consistent business. My annual $5/hour raise covers inflation and the growing demand for my services that keeps me at market rate.
Forming Strategic Partnerships
By 2015, I found a whole new untapped potential for my business and that was strategic partnerships. Through my network, I was introduced to an advertising agency, media firm and government relations firm, all of whom are now my strategic partners on an ongoing basis. How it works is that I am often called upon to offer my public relations services to their clients as an enhancement to the services they provide. They pay me (directly) by the hour or by the project and their client in turn pays them. For some of my partners, I use their business’s email address and business cards, giving them the benefit of the appearance of a larger in-house staff. For others, they prefer me to work with all clients directly, under my name and entity. Both work for me!
Through my strategic partnerships, I am able to work with huge corporations and associations that I could never tackle alone. When we combine our resources and expertise, we provide a full menu of services that directly compete against the region’s largest agencies that have way more red tape and overhead. It’s the best of both worlds for our clients: they get everything they want under one “roof” at a highly competitive rate. And it’s the best of both worlds for my partners and me: I get a constant stream of new work at my market rate and they get to make a little off the top.
Refining My Sales Process
For many consultants, the hardest part of growing a business is refining the sales process so that it’s efficient and consistent. Personally, it was for me. I would struggle to leave a client consultation with a clear path for how to proceed. How do I structure the proposal? What if the client wants to haggle prices? It wasn’t until about the last year or so when I finally felt like I had a clear sales process that allowed me to craft quick proposals that resulted in signed contracts in a matter of a few days.
I recently outlined a lot of my tips for achieving this. Now I leave client meetings in control of the next step and with the promise to deliver a proposal to them the same-day. If you choose to embrace a similar sales process to mine, you will be amazed by how much time and energy you were putting into proposals that simply didn’t need it. If anything, all that extra “fluff” was a distraction from what you were really trying to sell them. Trust me on this one.
Planning for the Future
What does the future hold for me? I’m a PR consultant not a fortune teller, how should I know? But in all seriousness, I do have a strategic plan for my future and that’s to continue to forge more large-scale partnerships with other businesses who want to offer their clients the service of public relations and strategic communications. I plan to selectively work with fewer, but larger clients who are on annual and quarterly retainers. I plan to continue to take on one-time projects as I desire as a means to help small businesses grow. And I plan to cut back to a 3-day work week, when reasonable, and enjoy more time spent on vacation and with my family.
It’s beyond measure the amount of hard work, drive and sacrifice it’s taken to get me to this point, but at the same time I feel I was also in the right place at the right time for much of this to happen. As the philosophical saying tells us, “Luck is when preparation meets opportunity.” I suppose this quite rightly sums up my entrepreneurial journey thus far.
Having shared with you some of the most significant moments I’ve experienced in my career as a “twenty-something entrepreneur,” I now want to share with you my new blog tagline as I enter this next decade of life.
Passionately Communicating My Entrepreneurial Journey
This new tagline will suit me for the rest of my life. I’m passionate about communicating, in every form you can imagine. My blog is just one way in which I can give you a window into my entrepreneurial journey which I plan to be on for a long time.
Though it’s bittersweet to close the chapter on my twenties, a time in which I took risks, hustled hard and learned a lot about myself, I realize that I plan to keep doing exactly that in my thirties….forties….fifties…you get the idea.
Whether this is your first visit to the Bennis Inc. blog, or you’re one of my loyal subscribers, thank you for being here and stay tuned. Life’s about to get good!