If You’re a Young Entrepreneur, Here Are 3 Lessons You Can’t Afford to Miss

We’ve often heard it said, “Youth is wasted on the young.” As an entrepreneur in my mid-forties, I can still recall the incredible volume of advice I received as a budding business owner in my twenties. My older mentors usually issued the standard advice. Save your money, budget within your means and pay close attention to labor and rent costs.

Regardless of your age, if you are a novice entrepreneur navigating the business jungle, here are the three pieces of advice I wish I had been given as a young entrepreneur.

1. Find the right marketing and public relations firm

To say the least, it’s a crowded world out there. Starting a business in the 1980s, 90s or even the early 2000s is entirely different from today. Traditional marketing strategies such as mail, print ads, television, billboard and radio ads were the norm. Depending on the type of business, some or all may have played a role in getting your message to potential customers.

Today, those “traditional” marketing tactics remain good strategies when used effectively. I still receive mailbox solicitations daily. Billboards still line our major thoroughfares and highways. You can’t watch a network or cable channel without being bombarded with 15-20 minutes of advertisements per hour. Ozempic, Wegovy and Jardiance are forever etched in my brain.

Social media strategies are an integral part of most companies’ marketing plans to attract new clients and retain existing ones. What percentage of your social media budget should you allocate to Facebook, Instagram, TikTok or LinkedIn? That depends on whether you are opening a floral shop or, like me, a transcription company.

I highly recommend that every young or first-time entrepreneur find a marketing and public relations firm that can use marketing dollars efficiently. Why? Because today’s business market is saturated, and “breaking through the noise” is tough.

2. Hire a firm that understands your business

Unfortunately, the barrier to entry in starting a marketing and public relations firm is low. In fact, I believe it’s too low. The market is flooded with upstart “digital marketing firms” that consist of one person (usually a recent college graduate) and a laptop, headquartered in their parents’ basement. That’s not to say the individual I am referring to isn’t qualified to help grow your business.

Believe me, choosing the right marketing/PR firm can seem overwhelming. There are not many marketing firms that specialize in transcription services. I would venture to guess there are exactly zero. However, there are many agencies and firms with the right experience and knowledge to help grow my business.

Research is critical. Ensure you identify firms with the skill set and ability to understand your industry. Here are a few points to consider before hiring a marketing/PR firm:

• What is the background and experience of the firm’s principals?

• How do they measure results against your business objectives?

• Do they have experience in your industry or one with similar characteristics?

• How can they establish the press contacts for your industry?

• Can they provide recent success stories and referrals?

• Are principal and account leaders accessible?

One component you want to pay close attention to is how any firm or agency measures results. Some results are tangible and relatively easy to measure. Other strategies a firm may recommend are intangible and more difficult to measure.

Maybe I’m unique among other transcription company CEOs because I spend an unprecedented amount of time researching search engine optimization (SEO). A significant portion of my company’s new business comes from my website. Therefore, I invest several hours each week in reading and learning new concepts I can test or incorporate into my website’s SEO.

Most company websites, including mine, dedicate “blog space” with well-written articles about their industry, products/services, or to provide relevant information that potential and existing customers find useful. Writing and posting compelling articles also helps attract potential customers. An effective marketing/PR firm can also help you research and write articles using the latest SEO tactics.

3. Retain a qualified and experienced business coach

If you believe that hiring the right marketing/PR firm is challenging, then finding a qualified and experienced business coach is even tougher. I wish one of my early mentors had encouraged me to work with a business coach.

Almost every time I log in to my LinkedIn page, I find dozens of invitations from “business coaches.” Given that I stay physically fit and am blessed with good genetics, I like to think I am retaining my youthful look as I approach my fifties. However, I want to laugh out loud when practically every profile picture of business coaches pitching me looks more like the students I coach at a local high school.

Unless someone has achieved an overwhelming amount of success in their twenties and thirties, it’s hard for me to imagine that they can advise me on vital business matters. What young entrepreneurs should understand is that they don’t know much.

A Master of Business Administration (MBA) from a top business school is a significant achievement. Yet there is no replacement for learning the hard lessons of a business strategy that drained your account and produced very little business.

First, look for someone with experience in your sector. Are there successful business coaches who have achieved success in the transcription industry? I am not aware of any. However, several business coaches have started and grown service-related companies using strategies similar to mine. Other attributes you want to consider when hiring a business coach are:

• Identify the goals and strategies you feel are critical for business growth

• Seek referrals from trusted colleagues and entrepreneurs

• Understand and evaluate their methodology

• Do they have clear objectives, and how are they measured?

• What are their credentials, and do they align with your goals?

• Is their fee structure hourly, or do they require a retainer?

• How accessible are they, and what are the realistic expectations?

There are also a few red flags to look out for. As I previously mentioned, a qualified business coach will have significant experience starting and running one or more businesses. A few things to avoid are:

• Promises of quick or instant results. If someone appears too good to be true, they are!

• A coach who talks more than they listen

• No viable or structured process for measuring success or accountability

• Lack of credible references or testimonials

Finding and hiring the right business coach can pay huge dividends. They will help you gain valuable insight, not only into your business, but into yourself. A good coach will also hold you accountable every month. Think of it as a necessary business decision with long-term benefits.

Developing the right mindset and personality to effectively manage a startup business takes time, patience and the willingness to learn. I wish someone had convinced me when I started my company 15 years ago to find and hire a qualified business coach. I wish you the best in your endeavors.

And here’s a bonus suggestion:

Join an entrepreneur or CEO accountability or peer group. Sharing ideas with other business owners and entrepreneurs has benefited me tremendously. I have joined a few groups, each with its own “group personality.”

We share our successes and frustrations with each other. Plus, I learn from those similar to me who have stumbled or failed, so I can hopefully avoid the same pitfalls.