Watch these 26 mins if your side hustle isn't working | Business Review

Summary

In this intense 28-minute business consultation, Richard Rau, a 26-year-old entrepreneur from Texas, seeks advice from Dan Henry, founder of getclients.com, on boosting his video production company, Thunder Media. After leaving a high-paying job, Richard is struggling to maintain his lifestyle and grow his business, which focuses on video and photo content for the construction industry. Dan critiques Richard's lack of focus and offers a reality check, suggesting a pivot towards event promotion, leveraging the power of video to enhance event marketing and potentially increase revenue significantly.

Takeaways

• 😀 Richard Rau, the founder of Thunder Media, left a high-paying job to start a video production company targeting the construction industry but is now struggling financially.
• 💼 Dan Henry, founder of getclients.com, offers Richard direct advice on his business strategy and execution, emphasizing the importance of focus and responsibility.
• 📉 Richard's business started strong but declined, making $30,000 initially but dropping to $15,000 in the following months, highlighting the need for a strategic pivot.
• 🏠 Richard's personal financial situation is at risk if his business does not improve, including the potential loss of his house and lifestyle.
• 🤔 Richard's lack of focus on his business after its initial launch, opting to participate in events and races, is identified as a significant factor in his business's stagnation.
• 🔄 Dan suggests that Richard's pivot from marketing manager to a video-only service provider may have been a strategic mistake, given his prior success in comprehensive marketing.
• 🎥 Richard's clients have primarily been vendors and consultants rather than contractors, indicating a misalignment between his intended market and actual clientele.
• 📈 Dan advises Richard to consider returning to a full marketing service, leveraging his strengths and previous successes, instead of focusing solely on video production.
• 🎤 The conversation emphasizes the importance of aligning business offerings with client needs and the potential to charge more for comprehensive services.
• 📝 Dan recommends that Richard develop a new pitch and strategy focused on event promotion, utilizing video to enhance the perceived value and attendance of events.
• 📈 The pitch suggests using psychological principles to demonstrate the effort and value in event production, potentially increasing client ROI and satisfaction.

Q & A

What was Richard's previous occupation before starting his video production company?

Richard was a marketing manager at a construction company, where he was paid $150,000 a year.

What type of content does Richard's company, Thunder Media, specialize in producing?

Thunder Media specializes in producing video and photo content for businesses, primarily in the construction industry.

What was the main reason Richard quit his high-paying job to start his own business?

Richard quit his job to pursue his entrepreneurial aspirations and to have more control over his work, influenced by his father's entrepreneurial background.

What is the current monthly income of Richard's business, and how has it fluctuated since its inception?

Richard's business made around $30,000 to date since its start in September, with most of that income earned in the first 60 days. However, the income dropped to $15,000 in the following month.

What is the primary challenge Richard is facing in growing his business?

Richard is struggling with focus and prioritization, as he has been involved in various non-business activities like participating in races and charity work, which has distracted him from growing his business.

What advice does Dan provide to Richard regarding his business focus?

Dan suggests that Richard should focus on the services that are in demand and that he is passionate about, such as event and consultant video production, rather than strictly sticking to his initial idea of serving the construction industry.

What is the main issue with Richard's current business offer according to the conversation?

Richard's main issue is that he is offering a one-size-fits-all video service package to construction companies, which may not be the best fit for their needs, and he is not effectively communicating the value of his services.

What is the 'psychological principle' that Dan refers to in the pitch about making an event look more appealing?

The psychological principle Dan refers to is the idea that people are more likely to pay attention to and value content that appears to have more effort or money invested into it.

What is the recommended strategy for Richard to increase his business's visibility and credibility?

Dan recommends that Richard should create a social media presence, such as an Instagram or YouTube channel, where he shares tips on event promotion and filming, and showcases his work to attract potential clients.

What is the suggested next step for Richard after identifying his target market and refining his pitch?

The next step is for Richard to test different promotional strategies, such as social media engagement, direct outreach, and advertising, to find the most effective approach for attracting clients.

How does Dan suggest Richard should conclude his pitch to potential clients?

Dan suggests that Richard should end his pitch by inviting potential clients to book a call to discuss how his services can improve their event promotion, and possibly offer a free guide or portfolio as a call to action.