Opinion
Build Media CEO Danny Donovan discusses a number of key learnings from his first year as a new media agency founder.
This time last year I launched a new media agency, Build Media. We have a slightly different model to the norm, and a clear ethos of building trust, positivity and attention in all we do, in a way which is safe and sustainable for society. We have worked with some brilliant clients and partners in the first year and my sincerest thanks goes out to all of them. We very much hope to expand the list of both in year two.
I thought it would be useful to crystalise some thoughts on what I have learned in that time. Both as a reminder to myself, and also in the hope it might help people in a similar position, as a new business owner, or even those in the corporate sector.
Here are the top 10, in no particular order:
Slow, slow, quick, quick, slow… generally slow
We are all in a hurry, and when you start your own business momentum is really important. When you are waiting on things to be signed, or signed off, or even just a reply to an email, it can seem like things take forever. But it is important to remember that everyone you are talking to has busy lives and sometimes your things just aren’t as important or urgent to them as you think they should be.
Sometimes you just have to chill out. If you force a fast answer it will probably be no.
Be nice
Everyone you meet can influence your life in one way or another. But not a single one has to help you or do what you ask them to if they don’t want to. So be nice.
Don’t count your chickens
I don’t know the ratio, but I do know that not every opportunity turns into something concrete for a myriad of reasons. It is all too easy to count on things before they actually happen. Try to remember, the contract isn’t signed until it is signed, the plan isn’t approved until it is approved and the money isn’t in the bank until….well you get the picture.
Accounting is fun
I’ve spent 35 years in media, and numbers are my thing, but I know that not everyone feels the same. But being totally across your businesses’ financial situation, results, projections and profit and loss (hopefully more P than L!) is critical, and can be fun.
But get a good accountant. They are worth their weight in gold.
Do whatever comes up. You never know where it might lead
Some people would argue with this and say that you should be selective about what you get involved in. It is certainly true that not everything that you put some work into will actually pay off quickly, or maybe even ever. But if you do a good job, and you add value, then hopefully enough of the time it will.
If nothing else it is good practise and if it has introduced you to a new company and new people, or taught you something, then it has value to you somewhere down the line.
It’s obvious who your friends are. And it might surprise you.
We all know that relationships in our industry can be a bit transient. But there are people who are there for you whatever, and that you know you can trust. These don’t have to be people you see all the time, or maybe haven’t seen for a while. A real friend is a friend irrespective of recency or frequency.
A little passion goes a long way
People can spot authenticity. They can also see real passion and enthusiasm. Anyone who has heard me talk about trust, positivity and attention will know how much it means to me. If you believe in what you do, and really enjoy it, then it shines through and is infectious. If you don’t, you can’t fake it.
You know far more than you think you do
Moving from a big corporate senior job into a start-up, there will inevitably be things you need to do which you have not done for a very long time, maybe ever. But if you have been interested in your craft, kept your ears open, and not switched off during what at the time seemed like tedious meetings and presentations, then you will be surprised what has stuck.
You know far less than you think you do
Sure, you’ve been really senior in your previous role, and in theory you were in charge of and responsible for everything that happened in your company. But no matter how involved you were, there are hundreds of things that you don’t know how to do, and rightly so, as they weren’t your job.
Identify them quickly, find experts, and learn fast.
Have an antidote
It is necessary to be obsessed with your new business. But that can have an impact on your health and your relationships. Also, coming across as too busy and a bit stressed to potential partners isn’t going to be helpful either. So find your antidote.
Maybe it’s fitness or just going for a walk. Maybe it’s your kids or painting or spending some quality time with your better half. Whatever it is, find the time and put the same energy into that as you do into your new business.
