Crafting a Sustainable Business Model

Master the art of crafting a sustainable business model. Discover how finding your niche, evolving services, understanding client needs, and strategically saying 'no' can transform your venture into a long-term success.

Welcome back. In this session, we're tackling the concept of starting small to unlock big opportunities, a principle that has been pivotal in our journey. When we first embarked on our venture, our portfolio was as diverse as it gets. We created brand marketing videos for an array of organizations from nonprofits and churches to local businesses and university departments. We even ventured into making wedding videos and crafting social media ad campaigns.

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Each project was a learning curve, a step towards understanding the nuances of what our ideal client process should look like. Every small project is a stepping stone towards greater opportunities. Seek out and accept diverse projects, especially in the early stages. This broad exposure helps in skill development and understanding your market better while embracing a wide variety of projects.

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We were on a quest to discover what we truly excelled at and were passionate about this process of exploration is crucial. It's about identifying your niche, which profoundly impacts your brand marketing strategy and how customers perceive the work you did for us. This journey of discovery led us to specialize in creating compelling online educational content. This focus didn't just happen overnight.

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It evolved as we honed our skills and understood our market better. It was also, in part, motivated by the onset of the Covid-19 pandemic. Instead of treating this external force as a crippling variable to the business we worked so hard to build, we instead adapted to better serve the growing needs of our clients and the market. Flexibility and adaptability are key in responding to external changes like market demands or global events.

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Stay informed about market trends and be ready to pivot your strategy or offerings in response to new opportunities or challenges. Let's talk about spreading the word. How did we go from a creative spec video of a USC campus snow day to landing significant video projects? A light hearted passion project we worked on for fun one day led to a short marketing video for a local spa that our talent happened to go to.

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We stretched a $400 budget to do everything we could to make this video a strong portfolio piece for us. It was a stepping stone. This project ended up opening the door to a much larger video campaign with a local nonprofit, where we produced a four-part marketing docuseries, a leap in both scale and revenue. With a few more projects like this under our belt, we ended up having the opportunity to partner with the UNC Kenan-Flagler Business School on a large-scale media campaign where we worked to redefine the culture of a top-tier business program.

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It became a truly full circle moment for us as we were able to support the institution that gave us legs in our growth journey. It's all about building that momentum. Project by project. A crucial lesson we learned early on was the difference between working in the business versus on the business. In the beginning, it was vital for us to be hands-on so we could build hard skills and intimately gain an understanding of the production process.

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However, as we grew, we realized the importance of stepping back and looking at the bigger picture – focusing on growing the business, networking and refining our processes. This strategic shift is what differentiates a business owner from an employee. If you're able to bring someone else into your business that's not you, to do the work at the quality you do it or better with your process, you can continue to work on your business rather than in it allowing it to grow and not just work to get done. 

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Transitioning from hands-on work to strategic growth is crucial for scaling. Delegate operational tasks and focus on business development, networking, and process optimization. Lastly, specializing is key. Being a jack of all trades can only get you so far by focusing on a specific niche. In our case, online education content.

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We not only improved our craft, but also gained a deep understanding of our customer profile. 

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This specialization sets us apart from the competition, allowing us to build a unique brand identity. It also helps us understand how to most effectively communicate with our customers, and what areas they would be looking to improve the work they're doing. Tristan will discuss this in more detail in our next module.

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Specialization sets you apart and allows for deeper market penetration. Continuously evaluate your projects to identify what you excel at and enjoy most. Gradually shift your focus towards these areas. Remember, every small project is an opportunity to learn, to grow, and to inch closer to finding that niche where you can truly shine. It's about the journey from being a generalist to becoming a specialist in an area you're passionate about.

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