Ep 109: What would you do differently if you had to start over?

Subtitle:

Today we break down what things we would do differently in our agencies if we had to start over completely. We talk about the importance of profit, risk, autonomy, partners, dreams, mindset, aging, and more in this week’s packed episode!

 

Summary:

On today’s episode, we discuss the things we would change about our agencies if we had to start all over, knowing everything that we do now. Risk is a part of life, and your ability to manage the downside of risk lessens as you have more responsibility. When it comes to business, it’s important to take the risks that lead to learnings and rewards early on in your career. Taking risk is important and can profit your business, and it’s much easier to learn and succeed if you are only having to support yourself. Profit is also an important aspect of business and we believe that setting goals for net profit early on will help your business grow and succeed. It’s also important to consider bringing in a partner. Loneliness is very real and can add an additional challenge to starting a business. When you bring in a partner, they can lighten your load and be a support and a listening ear. We also talk about the importance of scale, assets, and delegation. Creating autonomy in your agency can make it easier to take a sabbatical, get a new perspective on your agency, and even start another business. Your mindset is key in this process; think of it as making changes to improve versus fixing mistakes. 

 

Top 3 Curtain Pulls in this episode: 

 

• Set profit goals. Profit is one of the most important things that a business can create, but it can be pushed to the side when starting an agency. Although it may seem counterintuitive, focus on setting goals for net profit for your business so that you can begin to invest and take risks sooner rather than later. “I would think about profit first. I would figure out exactly what profit I wanted and then build my business around that.”

• Learn to delegate. As much as you may love your job, you won’t be able to be heavily involved forever. This means you should begin to set some parameters now to help your agency become more independent. Maybe consider taking a sabbatical. The preparation for it could help prepare your agency for more autonomy later on. “I try to fire myself every day so that I would force myself to build a business with a lot more autonomy. Then I have more freedom to be able to either grow it in a different way and think differently about it or even start a new business.”

• Consider bringing in a partner. At first it may seem unwise to bring in a partner when your agency is just starting out and profits are more meager. It’s important to have a partner in the beginning stages as well as later on because they are a listening ear that can help relieve stress, and eliminate isolation. Once you build your agency and have a team, having a partner can also create more opportunities for sabbaticals or agency independence. “I would do more with people. I would surround myself with people, I would be more open to potentially bring in partners, and not think that I had to do it all myself.”

 

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About The Guys: 

Bob Hutchins: Founder of BuzzPlant, a digital agency that he ran from from 2000 -2017. He is also the author of 3 books. More on Bob: 

• Bob on LinkedIn
• twitter.com/BobHutchins
• instagram.com/bwhutchins
• Bob on Facebook

Brad Ayres: Founder of Anthem Republic, an award-winning ad agency. Brad’s knowledge has led some of the biggest brands in the world. Originally from Detroit, Brad is an OG in the ad agency world and has the wisdom and scars to prove it. Currently that knowledge is being applied to his boutique agency. More on Brad:

• Brad on LinkedIn
• Anthem Republic
• twitter.com/bradayres
• instagram.com/therealbradayres
• facebook.com/Bradayres

Ken Ott: Co-Founder and Chief Growth Rebel of Metacake, an Ecommerce Growth Team for some of the world’s most influential brands with a mission to Grow Brands That Matter. Ken is also an author, speaker, and was nominated for an Emmy for his acting on the Metacake Youtube Channel (not really). More on Ken: 

• Ken on LinkedIn
• Metacake - An Ecommerce Growth Team
• Growth Rebel TV
• twitter.com/iamKenOtt
• instagram.com/iamKenOtt
• facebook.com/iamKenOtt

 

Show Notes:

[1:27] Bob kicks off this week’s topic and says, “Today, we're going to talk about what we would do differently if we were to go back and do it all over again, what would we do differently?”

[2:32] Brad talks about a conversation he had with his son that has helped him reflect on his job. “My son asked me yesterday, he said, ‘Dad, is the job you're doing right now your dream job?’” 

[4:09] Bob mentions how some people have asked him, “What would you have told your younger self? What have you learned that you wish someone told you?” He also talks about how change and personality growth influence your passions and career.

[5:42] Ken talks about one of the main things he would change if he were to go back. “Take business risks… don't chase safety. Chase, the big thing or the big dream that you have that this is what I'm put on the earth to do.”

[10:31] Brad discusses the importance of figuring out who you are when you’re young.

[12:04] Brad talks about his passions and how they directed him to his career.

[15:36] Ken discusses another shift he would make if he started over. “I would think about profit first. I would figure out exactly what profit I wanted and then build my business around that.”

[17:31] Ken mentions his belief about the ideal amount of net profit your business should have.

[20:54] Brad talks about how if he were to start over, he would make his business more autonomous, “so that, you know, after the first five or five years, and didn't really need me anymore.”

[22:21] Brad mentions the importance of not only making business changes but also how there are, “personal mindset changes I would make.”

[24:01] Brad describes how he feels about his career. “I almost feel a little bit of grief.”

[25:36] Bob discusses some ways he has overcome his grief about aging and also mentions a mindset book called, ‘Breaking The Age Code’ by Becca Levy.

[29:04] Ken talks about the importance of a positive mindset when aging. “If you believe getting old is bad, you probably will get there in a slow, decrepit way. If you believe getting old is good, then you probably will get there in a better way.”

[36:35] Brad talks about the balance between challenging yourself with new tasks and having an overflowing plate and none of your work is done to the standard you want it to be.

[38:54] Bob reflects on one of the early Agency Exposed episodes featuring Hannah Paramore where they discussed the importance of having a hobby.

[43:35] Bob talks about an adage and relates it to career and life decisions. “Every time you say yes to say no to something else, you're saying no to something else. And so you've got to really look at that and say, you know, what do I want to say yes to.”

[44:13] Brad asks the guys, “What is the one thing you would change if you could change one thing? What is the biggest change that you would make? Or would you do it at all? Do you think this business is like, wow, I don't know if I'd go back and redo this business. I think I'd might go into something else.”

[44:53] Ken talks about how humans will often focus on the negative aspects or things they need to fix when there is value and opportunity already there. He also talks about one of the main things he would change if he could go back. “I would probably build more towards assets and delegation and scale.” 

[49:07] Brad talks about one of the biggest changes he’d make if he was starting over. “I try to fire myself every day so that I would force myself to build a business with a lot more autonomy. Then I have more freedom to be able to either grow it in a different way and think differently about it or even start a new business.”

[50:22] Bob discusses how he would, “do more with people. I would surround myself with people, I would be more open to potentially bring in partners, and not think that I had to do it all myself.”