3 Lessons Young Entrepreneurs Can't Afford to Miss

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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.

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

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