Entrepreneurs start a wide variety of businesses and some of the most successful are ones based on Entrepreneurs that leverage their expertise. Some have started blogs based on their knowledge and others have established consulting practices. Leveraging your expertise is one of the best ways as a baby boomer to start your business. We’ll learn key insights on starting a business from one of the best, Gary Mack.
Gary Mack is CEO and founder of Mack Communications, an award winning public relations firm now in its 20th year of business. Gary’s mettle was first forged as a reporter for a statewide news service and later as a reporter covering the state capitol. He became a trusted media advisor to Illinois Governor Jim Edgar, as well as countless business owners and leaders, mayors, and association executives. He is no stranger to controversy or crisis and has counseled clients through crises ranging from class-action federal lawsuits to employee protests, to accidental and tragic fatalities.
Alan: Hi Gary, thanks for taking the time to talk to me.
Gary: I’ve known our mutual friend Wes Bleed for many years so I’m glad to talk with you.
Alan: How did you get your start in your own business?
Gary: I was a strategist in the governor’s office in Illinois for 6 years and before that I was a reporter for several years.
Alan: Did you go into you own business after that?
Gary: Not at first. I did search for corporate positions and while I was qualified, I think some in the corporate world thought it would be too big of a jump to go from government to corporate. The offers that I did receive weren’t more than I made in government. It was disappointing. A friend of mine said I should hang out my own shingle; be in business for myself. I thought to myself, “this is scary, I know friends whose businesses have failed”. But my friend had faith in me and I decided to do it.
Alan: How did you get started?
Gary: When I decided to start the business, it felt like jumping off a cliff. But before I started the business full-time I got three clients; 3 contracts which provided by salary for the next year. A lot of people don’t do that.
Alan: What is your business?
Gary: Public relations and crisis communications. The business can be 24/7 especially if a crisis hits, but normally the event is over in 2-3 days and if it is a major crisis, I have a stable of consultants to work with if I need additional help.
Alan: What is one thing you wish you knew before you started your business?
Gary: Good question. I wish I had known more on how to run a business, how to do cash flow. I had an accountant and bookkeeper, but I didn’t know the financial planning aspect of the business. But I focused on what I did well and spent the time there. You need to focus on your talents and your strengths. And there is something I learned very early in my business. I had a neighbor who started an engineering firm and he had a list of top 10 things. Number 1 was “It is always easier to keep a client, than get a new one”.
Alan: Has there been an “aha” moment of you in your business? Some insight that showed you there was a new area of business you should go into or a realization that business had changed?
Gary: My business changed dramatically about 5 years ago. Social media has really changed it. I knew that I either had to really learn the technology or I need someone who did. I realized this when I was working with Metra, the Chicago rail system. I saw their social media and saw how much social media was needed by Metra. You must be on top of changes and trends and at the forefront of what is going on.
Alan: That’s good advice. Thanks for talking to me today.
Key Takeaways:
Leverage What you Know
Gary had years of expertise in talking with the media, having worked in communications for the Illinois governor, but being a reporter gave him insight into what a reporter wanted and needed for a story. He was able to understand both perspectives. In addition, his expertise was respected in the industry and it enabled him to get started.
Start your Business Part-Time
Gary was fearful of starting a business, of failing. However, he pushed past his fear and started on a part-time basis with a year of salary on the books. This reduced the fear of starting the business and is a strategy you should employ as well. Start out part-time and make sure your idea is viable. And if the business doesn’t earn enough to be full-time and is always a part-time gig, you still have a stream of income to help you weather any corporate storms.
Know What you Don’t Know
Gary didn’t have a business background to lean upon in running his business. He found the expertise he needed via his accountant and bookkeeper, but he wished he had known more about how to run a business. If this is the case for you, talk to those who run small businesses. You can find entrepreneurs on Linked In and at your local Chamber of Commerce meetings. Glean their insights. You need to understand the various business areas to successfully run your business such as finance, legal, marketing and selling, to name a few. You don’t need to be an expert in each area, but you do need a basic grounding in each so if you bring outside help your able to evaluate that talent prior to hiring.
Focus on your Core Area
Focus on the areas that make you money. Focus on the areas the customer values. For Gary, his customers value his ability to communicate effectively during a crisis. They value the team he has built behind him; that have expertise in specific areas. They value his ability to react quickly and scale up as needed and control to conversation during a crisis.
Understand your Business is Dynamic
For Gary, social media changed his business. He either needed to become an expert overnight on social media or he needed to add that expertise to his team. Either way, technology changed his business and he had to change how he did business fast or risk his business becoming irrelevant. You must stay on top of trends and determine their impact to your business. This must be done on a consistent basis.
I hope you enjoyed the blog post and leave me a comment. I’d love to hear from you.
Alan