I’ve been putting in a lot of time promoting this book. I wake up, go right to my computer, and work right until I should’ve been in the shower in ten minutes ago to be to work on time. Half the time I forget to eat lunch. I haven’t taken the dogs to the park in a while, the list of things I need to do outside of work like replace my brakes, do laundry and get a hair cut is piling up, and my relationship is deteriorating. At least I’m kicking ass on this book though, right? Wrong. Each day there is more to do than I can ever get done so I always feel like I’m coming up short. I realize that you have to maximize your productivity and effectiveness by focusing on tasks that give you the highest return but the truth is just about everything I’ve been doing has a low return. It’s a low return game until that one spark lights a fire.
Speaking of return, I get the most frustrated when I think in terms of my hourly wage. I have made less than $30 for a month of busting my butt and sacrificing. So it probably comes out to somewhere around 25 cents an hour. I knew it was going to be like this going into it but I’ve really been dwelling on it. What if it never takes off? What if I waste two, three, six months on this and I’m still waiting tables, saving $100/month, lugging around $80K in debt?
These thoughts worry me because I know that success is sabotaged by doubts like this. But I also think it is natural for anyone to step back and re-evaluate where things are going at this point. I’ve been thinking hard about this client, the business of social media marketing, and even entrepreneurship altogether.
I’ve learned a lot since beginning this thing in November. It takes more time than I thought to manage a client’s social media well and you inevitably find yourself doing way more than just building a fan base and posting updates. Not that I was naive enough to think that was all I would be doing….I am just shocked by how many small businesses need photographs, a logo in digital format, and to set a marketing budget before I can even begin to do my part. I’m also shocked that a lot of businesses out there have serious issues that social media can not help. Social media is the salt and pepper and they need meat and potatoes first. Sometimes their meat and potatoes are rancid and what they really need is rebranding, new management, change their menu, change location, change their pricing strategy, etc. Others need/want a bunch of stuff I don’t do like email campaigns, websites, SEO, writing of press releases and blog posts, logo creation, etc, etc, etc. Bottom line is there aren’t many great small businesses out there that are prime for a little social media marketing to take them over the top….it’s just not that easy. Handling one or two real-world clients is easily a full-time job and nobody wants to pay me $1000+/month to do it. They don’t even want to pay $300. Moreover, there are a lot of businesses where the business owners need to be doing it themselves because they are their brand….artists, designers, agents, etc. Also, big national brands don’t want you playing with their brand and prefer to keep it in-house. So that leaves me with a much smaller market, a service that’s either too expensive or too lacking, and some serious scalability problems.
I’ve thought about going back to school (briefly…). I’ve thought about starting another business (a lot). Before I began Digital Whale I was working on a business with two other guys. I was the money (funny right?) and the idea and they were the tech muscle but ultimately we had to abandon it because I couldn’t cover the startup costs. I’ve since come up with some ideas to significantly reduce those costs. It’s still more than I have or could save in a reasonable amount of time but it’s now little enough that I could borrow it. But then do I just abandon Digital Whale or do I pursue both until one takes off, like having two horses in the race? Again, all the success stories I’ve read that tell you this train of thought leads to certain failure. I can’t even do one business well and doing two not-well doesn’t make much sense.
Though, isn’t it too early to declare Digital Whale a failure anyways? Have I really tried? I haven’t even landed a paying client that’s a local business. The more I think about the viability of Digital Whale the more I think I just need to evolve it. Afterall the market for what I’m dabbling in is hot. Businesses want it and are willing to pay a little for it. Many though don’t have time to do it themselves or are afraid of the technology or don’t know how to harness it. There is still opportunity there and there isn’t anyone filling the niche in this market yet. Perhaps I need to develop the consulting side. I always thought that I would need paying clients to point to before I could say I’m a consultant but now I don’t think it’s necessary. When I start talking to business owners they really listen to me. Why? I have answers to their questions, ideas, and know more about it than they do. The word consulting isn’t the right word either. It implies I charge thousands of dollars. That’s probably why nobody asks me about my consulting services after they read my flyer even though they are trying to consult me right then and there.
If I develop some presentations on social media I could offer to come in and do workshops. Maybe an hour-long and tailored to their needs. If I would have approached the designers with a service like that they probably would have jumped on it and I would have gotten paid to outline a strategy for them like I did. The workshop could be anything from a tutorial of platforms to laying out a strategy to walking them through setting up their accounts to analyzing why their current efforts aren’t working. The audience could be the owners, the managers, even the employees.
The best part is I don’t have to get balls deep into their business. I don’t have to fix their other problems or learn the ins and outs of their business to impersonate them. I simply give them some tools and knowledge to help them harness the full power of social media. Essentially, I’m saving them time. They could learn everything I’m telling them on the internet (I did) but it would take them months of reading and trial and error.
The problems: I suck at public speaking, mad stage fright. I also don’t have any of the equipment I would need like a projector and portable screen, an air card for my laptop so I could get internet in any building or an iPad with internet from Verizon. I don’t even have powerpoint….What are we at now like $1500-$3000? Yikes! I envisioned charging about $100-$200 per hour-long presentation so that even the smallest of businesses on the tightest budgets could potentially afford it. I’ll have to think on all that for a few days.
I guess as it sits now I might as well keep plugging away on this book. Who knows maybe it will pay off. I think tomorrow I will door-to-door some businesses with flyers again. This time I’ll change consulting to workshops or demos or something and focus my pitch around that just to test the waters. Back to work…