Avoid these six cardinal sins when starting a media business
Starting a media business or turning an idea into a profitable business can turn out to be one of the most exciting and rewarding activity you get involved in. The process has its ups and downs, but the key thing is to not to let misconceptions about starting a media business hinder you from starting. In this article, we’ll look at 6 Deadly Misconceptions About Starting a Media Business
Misconception 1: You don’t have to write a business plan
The idea that you don’t need to write a formal business plan is a very common misconception. It’s not difficult to see why this would be so. Think about it, who has time for more paperwork when they are trying to keep things going as efficiently as possible?
The problem with not having proper plan in place is that you can end up wasting time, money and create poor products or services.
A good example here is how many people starting a media company end up spending thousands on advertisement without having answers to questions like, who their audience are, budgeting or even the type of content that connects with the given audience
Writing a business plan before investing resources in a business will help prevent a lot of issues and in the long run save money along the way
Misconception 2: You can finance it entirely on your own
Learning the fundamentals of running a business before sourcing for finance is an absolute must! While you could be in a position to spend a lot of your money on a business, you still need to understand the concept of leverage.
There are two common financial mistakes made by people who don’t have a lot of experience running a company. The first one is over relying on financing and not having enough personal finance invested in the business. Doing this will result in an over-reliance on loans, and that can put the company in jeopardy if the business is slow. The second mistake is spending too much money on things that aren’t helping your business succeed — like a fancy office space or expensive furniture.
Misconception 3: its either the business or personal life
Obviously at the infant stages of starting a media business you will have to work harder than you have ever worked. But this is not always going to be the case
As you progress you will not have time to handle every single detail. After all, you are now the head of your own company. That means you’ll have to balance running your business with everything else. You will not be able to handle everything by yourself. It’s okay if you need help from someone else. It’s expected!
Your delegation skills will come into play. You can always delegate activities and tasks that don’t require special knowledge or training, such as answering phone calls or taking out the trash at the reception.
Even with this in mind you still need to remember that there are some things only you can do because they involve special skills and experience that only come from doing them before, so do not delegate everything
For instance, creating marketing campaigns involves knowing how different channels work together for maximum effectiveness; something like updating website content requires knowing what keywords people search for when looking for information on a particular topic.
The good news is you can automate some of these activities. Automating them still requires you to know what is going on. A good CRM like HubSpot can help, click here to try it for free!
Misconception 4: Your team members will work as hard as you do
It’s important to remember that your mates may not be as committed to the same things you are committed to.
When starting a media business, there will be times when things don’t go according to plan. The longer you have been in business, the more complex the challenges can become. This is just part of the journey, and the interesting thing is that everyone has their own way of dealing with these feelings
The one thing you can bet on is that no one will tell you when it’s time to stop and go home. And chances are you’ll keep working if you haven’t set boundaries. No one else should be expected to work as you do. After all, this is your business. The important thing is for you to manage what you expect from you employees to team members and then act accordingly. If you fail to do this, your expectations will be unrealistic, and ultimately, nobody will want to work with you
Misconception 5: compare yourself to other companies
This just means taking in a ridiculous amount of stress. Benchmarking is one thing, comparison is another!
Since you are new to your space it would be wise to capitalize on what makes you unique and slowly carve a market share for your product or service. This way you build your competitive advantage!
Instead of comparing yourself to other companies, focus on your goals and how you can achieve them in the most effective way possible.
Misconception 6: There is no room for error
As a founder, you are likely to carry on a lot of responsibility. The thing to remember is that everyone makes a mistake and it is learning from such mistakes that is important.
If you’re not making any mistakes, you’re either not trying hard enough or have lost your ability to think creatively and independently, and that is a problem!
CHECK THIS OUT!
You’ve got a business idea and so you want to get going…well done you!
But there’s a lot more to a good business than a good idea.
You need to think things through to maximise your chances of success. Are you the right person to run the business? Will customers like your product?
A BUSINESS PLAN will help you turn an idea into a business.
The question is how do you develop one and how do you communicate it to potential stakeholders
You see by the time you are done with the next series of videos you will be in a position to:
- To explain the content expected and developed in the business plan
- Actually, develop a business plan for a new business
- Develop a pitch that delivers key information about your business to key stakeholders
And many more!!
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