10 important lessons from my 3rd year of entrepreneurship.

I always wanted to start my own advertising agency. So on April 12th, 2016 I went online and officially registered The Weaponry LLC. I then marched over to another website where I got a federal tax ID number. I surfed over to a Capital One’s website, where I applied for a Visa Spark Card, because my friend Dan Richards recommended that credit card for business. Finally, I headed to the bank to set up a business checking and savings account for The Weaponry. And just like that, I had birthed a business.

The Hard Part

Setting up a business is easy. Any teenager can do it. The hard part is building a machine that will feed, clothe and shelter you and your family. It’s even harder to feed, clothe and shelter additional employees and their dependents. That’s why I am so proud The Weaponry is celebrating its 3rd birthday! We have doubled our business in the past year. And thankfully, I am not naked, starving or homeless.

Momentum

The 3rd birthday is a fun milestone to reach. Just as each wedding anniversary is represented by a different gift ( Honey I got you a new sponge!), each business birthday represents something unique. The first birthday is the ‘ We’re really doing this!’ birthday. The second is the ‘We’re still alive!’ birthday. And the third is the ‘Now we’re rolling!’ birthday.

Indeed, The Weaponry is rolling. This past year has been exciting for our team.

A Few Highlights:

  • We hired more full-time and part-time staff.
  • We renewed our lease on our first office in Milwaukee.
  • We opened a new office in Columbus, Ohio.
  • We worked with President Jimmy Carter.
  • We worked with Olympic Gold Medalists Jennie Finch and Blake Pieroni.
  • Members of our team experienced work traveled to Maine, Massachusetts, Ohio, Washington DC, Georgia, Florida, Louisiana, Arkansas, Texas, California, Wisconsin, Illinois and Indiana.
  • We had our first International shoot, on the other side of the world, in India.
  • A fun experience was had by all.

Client Roster

In the last 12 months we have worked with 23 Clients! Who works with 23 clients? I guess The Weaponry does.

Saying Yes!

Our broad and diverse client roster reminds me of one of my favorite things about being a business owner: I get to say yes to anything I am interested in doing. As result we have a fun mix of large, medium and small clients. Just as crop rotation keeps farm fields producing at their best, the variety of industries we play in keeps our team fresh and stimulated with a constant stream of new and varied challenges.

10 Lessons From My 3rd Year of entrepreneurship.

As I reflect on this past year I have gathered a few key lessons I’ve learned. Here they are in a particular order.

  1. People make all the difference. A business is nothing but a collection of people running plays together. So find great people to run great plays and you are likely to experience great success.
  2. Slow and steady wins the race. At The Weaponry we are trying to build a business that lasts forever. You make different decisions when your goal is to survive eternally instead of generating hockey stick growth or making a quick sale.
  3. Do the important but not urgent work. Maintain your human relationships and invest time and energy in them. This will pay you back in a wide variety of rewarding ways.
  4. Diversify your clients. With so many different clients we are well-balanced financially. All of our clients are important to us. None of them are critical to our survival.
  5. Nothing is sure. We signed a large monthly retainer with a new client last summer, only to deal with a major reorganization within their business that changed everything one month later. I received a ‘This is your official notice that we are activating our right to cancel this agreement!’ from someone I didn’t know. Those things can happen at anytime.
  6. You never know when you are going to get the next opportunity of a lifetime. I got a random but welcomed call one day from my good friend Dennis Giglio at Fifth Third Bank, telling me that he had a project he wanted us to work on, and that there was a good chance we would have to go to India to shoot part of it. He was right. And it was amazing. Thank you Fifth Third and SLK Global friends for the opportunity!
  7. Set Your Sights High. The Weaponry has Big, Hairy, Audacious Goals, and they force us to grow. I share our goals with our team in every agency-wide meeting. And despite the largeness of the goals, or perhaps because of them, I can always see the team focus, and lean in when we restate them. Everyone knows what we are after. We all know that we have a lot of work to do to close the gap between where we are today and our idealized, fully formed version of ourselves. And we are willing to do the work to get there.
  8. Use A System For Growth. We use the EOS System from the book Traction by Gino Wickman. It makes a huge difference. If you are struggling to make satisfying progress with either a startup or a fully formed business, pick up this book and start the EOS Process. Setting quarterly rocks helps a business focus on continually moving the business forward. (This has been an unpaid endorsement of the book Traction. You can find it by clicking here.)
  9. Make Cash Flow plans This past year The Weaponry was owed a lot of money. For several months we carried an accounts receivable balance of over $700,000. Which meant that we had performed that much work, had paid what it cost us to create the work, but were not yet paid by our clients. You have to have a plan for such times. Because a business that runs out of cash is like a car that runs out of gas, or a human that runs out of blood.
  10. Develop Great Partners Over the past year other businesses that we partner with on projects have brought great new clients to us. This is a total game changer. Because it is like having an additional business development team, or multiple business development teams bringing you opportunities. Sometimes it comes in the form of a collaboration. But other times the work comes simply as a trusted referral. And it works like compounded interest. Which is why you should compound your interest in great partners.

Key Takeaway

The Weaponry continues to grow. I am learning and growing just as much as the business. I have not done any of this alone. My fellow Weapons have been key to our success. As has the growing list of great clients we are lucky to work with. Thank you for following the story or being part of the story as it unfolds. It’s been an exciting adventure. I look forward to what the next year brings!

*If you know anyone who could benefit from this story, please share it with them.

Originally published at http://theperfectagencyproject.com on April 23, 2019.

--

--

--

I am a growth-minded entrepreneur trying to share what I am learning on my journey, both professionally and personally. Also hoping to make people laugh.

Love podcasts or audiobooks? Learn on the go with our new app.

Recommended from Medium

Startup Lessons from History: Seneca

Kamil Gondek of Kreate: Five Things You Need To Create A Highly Successful Startup

How to Grow Your Online Business During a Slowdown

What‘s the best startup/VC database?

How to Accelerate Growth by Targeting Small Business Customers

Money Problems: How Venture Capital Funding Practices Hurt Female Entrepreneurs.

The NZ ScaleUp story — an ending & new beginnings

Get the Medium app

A button that says 'Download on the App Store', and if clicked it will lead you to the iOS App store
A button that says 'Get it on, Google Play', and if clicked it will lead you to the Google Play store
Adam Albrecht

Adam Albrecht

I am a growth-minded entrepreneur trying to share what I am learning on my journey, both professionally and personally. Also hoping to make people laugh.

More from Medium

How I Turned My Passion for Writing Into an Online Business

Small Business Foundations

7 Things I’m Doing Differently In My Business Moving Forward…

5 THINGS I LEARN FROM MY FIRST BUSINESS.