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Key Takeaways Looking back on the early days of building my company, the best advice wasn’t about saving pennies on rent or payroll.
It was about investing in the right marketing partner and surrounding myself with seasoned mentors who had already survived the battles I was about to fight.
In a crowded, digital-first marketplace, young founders don’t just need hustle; they need experienced guides to help them break through the noise and avoid the costly lessons that only time usually teaches.
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.
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