Starting A New Business with A Bang—and Clear Priorities—with Edios Media founders Elizabeth Madariaga & Michael Karsh
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The Nitty Gritty:
- How you know when it’s time to head out on your own
- What are key things to focus on to start off your business quickly
- How to balance service delivery with planning for the future
On this week’s episode of the Profit. Power. Pursuit. podcast I talk with Elizabeth Madariaga and Michael Karsh, former producers of this podcast and co-founders of Edios Media, a production agency and consultancy. Although they are in their first year of business they have skyrocketed to small business success. We talk about why they decided to head out on their own after great careers in production, what they did to sign their first two contracts within six weeks of opening for business and how they balance service delivery and planning for the future of their brand new company.
Time to Do Our Own Thing
Felt like now was the time to bet on ourselves.
— Elizabeth Madariaga
Michael and Elizabeth had gotten to the point in their own careers while working for start-ups, that they didn’t see a clear growth path. Combined, they have produced thousands of hours of premium education content and before that had acquired years of experience in entertainment and production. They were ready for and wanted something different. They started to realize it seemed like the right time to launch their business based on what the industry needed and where they were in their careers. There was a bit of a hole in services—a hole that their experience and capabilities could fill. As they considered the next steps in their own careers, they started to float the idea around about doing this on their own and the excitement built. They took the leap and as Michael said, “It was one of the best decisions I ever made.”
A Fast Start
Don’t wait until it’s perfect. It’s never going to be perfect.
— Michael Karsh
What started as brainstorming and dreaming in July of last year, accelerated when they both gave notice in November. They used November and December to finish up obligations they had and officially began working together as Edios Media in January of this year. Just six weeks later, their first two clients signed with them on the same day. Although they had a business plan and an idea of who their ideal clients would be, priority No. 1 was to get a website created to be able to articulate their abilities, experience and, most importantly, what they were able to offer clients.
We’re working with people we had no idea would even want to come to us. It’s scary, crazy and fun.
— Elizabeth Madariaga
So far all of their clients have been the result of working their network. After the site was launched, they crafted an email and sent it wide to their network with some very clear asks:
- Please check out our new site
- Does this feel like something you’d be interested in discussing further?
- If not, please share with your network who could benefit from our services
A lot of those initial calls were catch-up calls rather than hard sales calls, just checking in to share what they were up to and finding out what’s new with the person they called. Elizabeth shared that they are still reaping the benefits of people they know telling other people and spreading the word about Edios Media that way.
Balance of Service Delivery with Future Growth
Right now, our focus is working with these clients and delivering incredible results for them.
Michael and Elizabeth have written down where they want their business to be in three years, and schedule time in their calendar to actively work on those tasks that will get them there. However, in their production world, it helps to have a multi-track mind and the ability to reprioritize. So, it’s most important for them right now to ensure that their clients are taken care of. If they don’t do that right and deliver an exemplary product and experience to their current clients, they will lose that critical word-of-mouth that is essential for them to build their business.
In the full episode of the podcast we talk more about the logistics of starting a business from figuring out how to create repeatable processes to finding the right contractors who have the same work ethic and values, the easiest and most challenging part so far, plus the particulars of how to start a business with a good friend.
Join me each week by subscribing to the podcast to get all the Nitty-Gritty details from today’s business owners.