Adam Franklin runs Australia's top business blog, BlueWire Media.
His business started out strong as a web design agency and evolved into an online marketing agency. They had a team of 10 full-time employees and a business model with unpredictable cash flow.
Things were running strong when their clients began 'suspending' their monthly payments. Cash flow shriveled up. Without cash on hand, he had to do the hardest thing any business owner has to do, lay people off.
And that's when they began to evolve into his current business model.
In this episode we discuss:
- How Adam started BlueWire Media in 2005 and sold websites without knowing a line of code.
- Why marketing your website is more important than the site itself.
- How consistent expenses with "lumpy income" is the worst type of business.
- How quickly bringing on clients, so you can pay your bills, leads to lower quality clients and higher aggravation.
- Why cash on hand is important in your business. It may seem obvious but this will drill it home.
- Why Adam felt successful for the wrong reasons.
- Why laying off their employees was the most freeing thing they could do, despite being the hardest decision they've ever made.
- How Adam leveraged BlueWire Media's new model by keeping costs same and getting more 'people in seats.'
- How their old model couldn't scale, and why that's important to you.
- Why Adam said, "There's always room to improve. You're never stuck on one path."
- Why it's important to evolve your business.
- How the things you fear most are often the best moves you can make now.
- What Adam thought was a failure turned into a blessing.
- Why Adam is proud of his mistakes now.
This is a great show. If you've ever had employees, you'll understand the struggle Adam went through.
Enjoy the show.
We Had A Great Team, And A Bad Business Model with Adam Franklin