Marketing agency
Post LinkedIn lead magnet · Marketing agency
"Should I build a marketing angency on the side of my Funded Startup ?" A founder asked me this in a Compass Call this week. (Get your compass call now : Link in bio) He owns 2% of a startup doing $3M/year. Backed by Techstars, 100 clients in their portfolio. But he only made $10K in two years... So he wants to leave and start a branding agency with a friend. Package: website + branding for startups. Price: $20K. I stopped him mid-sentence. Here's why most people get this wrong: 1️⃣ 𝗧𝗵𝗲 𝗲𝗾𝘂𝗶𝘁𝘆 𝗶𝘀𝗻'𝘁 𝘄𝗼𝗿𝘁𝗵𝗹𝗲𝘀𝘀, 𝗶𝘁'𝘀 𝘂𝗻𝗱𝗲𝘃𝗲𝗹𝗼𝗽𝗲𝗱. ↳ 2% of a company doing $3M with Techstars backing could be worth $2M+ in 3-5 years. ↳ But only if someone makes that company grow. ↳ Right now he's choosing not to be that someone. (So that tells me he does not understand the opportunity he holds) 2️⃣ 𝗧𝗵𝗲 𝗮𝗴𝗲𝗻𝗰𝘆 𝗶𝘀 𝗮 𝘀𝘁𝗲𝗽 𝗯𝗮𝗰𝗸𝘄𝗮𝗿𝗱, 𝗻𝗼𝘁 𝗳𝗼𝗿𝘄𝗮𝗿𝗱. ↳ Now He's playing 2 minutes per game in the NBA. ↳ And he wants to quit to start his own team in a local league, because he wants to play more minutes.... ↳ More minutes => lower stakes in a easy mode environment (So that tells me is not up for the challenge) 3️⃣ 𝗛𝗶𝘀 𝗼𝗳𝗳𝗲𝗿 𝗶𝘀 𝗮 𝘃𝗶𝘁𝗮𝗺𝗶𝗻, 𝗻𝗼𝘁 𝗮 𝗽𝗮𝗶𝗻𝗸𝗶𝗹𝗹𝗲𝗿. ↳ $20K for branding? A startup's #1 problem is cash flow. ↳ Branding doesn't make or save them money. ↳ It's nice to have and not what they need. (So that tells me he did not do his research) I told him: a kilo (2.2lb) of potatoes in New York costs $2. That same quantity of chips costs $20. That is the same potato, they Transformed it That's 10x the price That's what you need to do What skill can you add on top of what you already know that turns your $50/hour into $500/hour and makes that 2% worth millions? His homework: talk to 15 startups that just raised. Find out what they actually need. Not what he thinks they need. P.S. Ever left something valuable on the table because it wasn't paying you fast enough? Not getting enough paid customer for your Startup? DM me COMPASS.
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