The struggle of running a video production business is a reality. When you try so hard to become successful, you may make wrong decisions because you feel so depressed and exhausted. If you think about it, instead of making these decisions every time you are in turmoil, give yourself a break and relax. You will soon realize that not deciding is the best decision to make.
I'll level with you. Even though I've been fortunate enough to build a pretty successful video production business, I'm still not satisfied with where I am financially. It's not about material things. It's about being able to relax when I want to, travel when and where I want to and to build a sustainable business that continues to make a lot of money even when I'm not there.
My ultimate goal is financial freedom. This is about doing what I love to do without worrying about money.
Even though I know that I am almost at that point, I get impatient in reaching that state. Instead of making logical daily plans, I try to take the shortest path which leads me to making wrong choices. These choices made me lose a big amount of money and gave me more disappointment.
Here are some scenarios that you might relate to.
1. You have a decrease in sales and you feel that you need to make a radical change with your marketing strategy.
You don't continue with what has always worked for you. Instead, you change everything about your business. After a month, you create an entirely new website, make new business cards, design a new logo, etc. But even with the many changes you did, you didn't see any impact on your sales.
What you just did was spend a huge amount of time for something that didn't create any major improvement with your business. You spent a big amount of money with all the changes that aren't really necessary. The money that should've been saved is now gone. Your pursuit to improve your marketing ended up making your business worse than it was before.
2. You're doing many projects that have critical deadlines and you are working sleepless nights to finish them.
You are drained and worn out because you know that you're the only person who can accomplish all the work. While in this situation, the best way is to get another person to assist you with the editing and shooting tasks while you sit back and relax.
This might be a bright idea. Adding employees can provide more videos and increase profit. Even if this is the case, think about sustaining this type of workload in the future.
Is this something that will continue on for months and months or are you just in a 4 week period where you've been completely slammed but at the end of this string of projects, you won't have anything else major to work on for 6 more weeks?
I've made this mistake on several occasions. I choose to grow the company when business is at its peak instead of waiting to see what happens when business dies back down again. If you find that in your slow periods you still need help to get all the work done, then by all means hire.
I think you'll find though that in most cases, all you really need to do is figure out how to get temporary help from freelancers when you hit your peaks instead of committing to a full-time employee. The work will be better and it won't cost you near as much in the long run.
During economic crisis, it is better to find freelancers who are willing to commit to short-term contracts instead of getting employees with long-term contracts. Even if you can cut down on man power when your business slows down, it would not create a good impression for your business if you keep on doing that because your customers will see how you run your business and might question your ethics.
I'll level with you. Even though I've been fortunate enough to build a pretty successful video production business, I'm still not satisfied with where I am financially. It's not about material things. It's about being able to relax when I want to, travel when and where I want to and to build a sustainable business that continues to make a lot of money even when I'm not there.
My ultimate goal is financial freedom. This is about doing what I love to do without worrying about money.
Even though I know that I am almost at that point, I get impatient in reaching that state. Instead of making logical daily plans, I try to take the shortest path which leads me to making wrong choices. These choices made me lose a big amount of money and gave me more disappointment.
Here are some scenarios that you might relate to.
1. You have a decrease in sales and you feel that you need to make a radical change with your marketing strategy.
You don't continue with what has always worked for you. Instead, you change everything about your business. After a month, you create an entirely new website, make new business cards, design a new logo, etc. But even with the many changes you did, you didn't see any impact on your sales.
What you just did was spend a huge amount of time for something that didn't create any major improvement with your business. You spent a big amount of money with all the changes that aren't really necessary. The money that should've been saved is now gone. Your pursuit to improve your marketing ended up making your business worse than it was before.
2. You're doing many projects that have critical deadlines and you are working sleepless nights to finish them.
You are drained and worn out because you know that you're the only person who can accomplish all the work. While in this situation, the best way is to get another person to assist you with the editing and shooting tasks while you sit back and relax.
This might be a bright idea. Adding employees can provide more videos and increase profit. Even if this is the case, think about sustaining this type of workload in the future.
Is this something that will continue on for months and months or are you just in a 4 week period where you've been completely slammed but at the end of this string of projects, you won't have anything else major to work on for 6 more weeks?
I've made this mistake on several occasions. I choose to grow the company when business is at its peak instead of waiting to see what happens when business dies back down again. If you find that in your slow periods you still need help to get all the work done, then by all means hire.
I think you'll find though that in most cases, all you really need to do is figure out how to get temporary help from freelancers when you hit your peaks instead of committing to a full-time employee. The work will be better and it won't cost you near as much in the long run.
During economic crisis, it is better to find freelancers who are willing to commit to short-term contracts instead of getting employees with long-term contracts. Even if you can cut down on man power when your business slows down, it would not create a good impression for your business if you keep on doing that because your customers will see how you run your business and might question your ethics.
About the Author:
Learn more about running a successful video production company. Stop by Kris Simmons's site where you can find out all about using your filmmaking skills to create a highly successful career as an entrepreneur.
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