Building a Business with Purpose
A Company Culture Comprehensive Guide
We delve into the journey of Chad, the founder of Turn It On Electric, based in Phoenix, Arizona. Through his candid reflections, we explore his path from a determined individual to a successful business owner. His story is not just about entrepreneurship but also about leadership, culture, and resilience.
Chad Ridenour
Why Not Results Entrepreneur Podcast
Entrepreneurship, as Chad describes, is not for the faint of heart. He shares stories of sleepless nights, difficult decisions, and moments of doubt. From working solo to leading a growing team, the journey has been filled with "humble pie."
"Mistakes are inevitable, but they’re also opportunities to learn and grow," Chad reflects. "True leaders learn from their mistakes and strive to do better every day."
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Building a Business with Purpose |
Main Points
1. Company Culture and Values
- Chad emphasizes building a team of high-character individuals who align with the company’s culture.
- His focus is on hiring people who work for more than just a paycheck and enjoy helping each other.
- Core Value: “If it’s not right, we’re not done.” – A guiding principle ensuring the quality of work for customers, employees, and vendors.
2. Chad’s Leadership Journey
- Leadership Philosophy: Leaders are born but must continuously learn, grow, and self-reflect.
- Challenges in Early Leadership: Chad shares struggles with imposter syndrome, managing older and more experienced employees, and learning through mistakes.
- Key Insight: “True leaders learn from their mistakes” – He leaned into asking questions, improving communication, and adapting his leadership style.
3. Personal Story and Drive
- Early Responsibility: Chad’s leadership qualities stemmed from being the “man of the house” after his parents divorced.
- Educational Journey: Initially dismissed college, worked excessively, then pursued education in business management and marketing.
- Humility and Hard Lessons: Chad describes eating “humble pie” multiple times, learning through failure, and overcoming challenges through persistence.
4. Podcasting for Content Efficiency
- Recording long-form content, like podcasts, allows for the creation of multiple short segments.
- This process reduces the effort of constant recording and yields content for multiple platforms.
5. Testing Messaging and Audience Reaction
- Use consistent posting to test what messages, formats, and styles resonate with your audience.
- Organic methods are preferred initially for testing before investing in paid advertising.
6. The Funnel Framework
- Marketing involves an awareness phase, an education phase, and a conversion phase.
- Videos serve different purposes at each stage, from brand introduction to driving specific actions.
7. The Importance of Email Marketing
- Building an email list is crucial since social media followers are not owned assets.
- High-perceived value lead magnets (e.g., checklists, ebooks) encourage email sign-ups.
8. The Role of Paid Advertising
- Paid ads can amplify reach when starting out or when organic reach isn’t sufficient.
- Platforms like TikTok and YouTube are favored for cost-effectiveness compared to Facebook or LinkedIn.
9. Course and Coaching Monetization
- Start with an accessible, lower-priced product to cover advertising costs (loss leader strategy).
- Scale offerings with high-ticket items like coaching sessions for significant revenue.
10. CRM and Automation Tools
- Invest in a Customer Relationship Management (CRM) system to manage leads and sales.
- Automation tools can handle emails, upsells, and course purchases efficiently.
11. Timeline for Results
- Posting two videos a day could lead to noticeable traction within a few months.
- Sales readiness depends on setting up basic e-commerce and automation systems, typically within 4-6 weeks.
12. Audience Targeting and Platform Strategy
- TikTok and YouTube are recommended even for older demographics due to growing adoption.
- Social platforms should prioritize awareness content initially, followed by conversion-focused posts.
Additional Insights to Enrich the Content:
- The Shift to Short-Form Video:
- As attention spans decrease, platforms like TikTok and Instagram Reels dominate, making concise, engaging videos essential.
- Iterative Learning:
- Each post provides insights into audience behavior, allowing for gradual refinement of messaging and content strategy.
- Balance Between Passion and Monetization:
- Passion projects can be profitable if paired with a clear business model and consistent audience engagement.
- The Power of Storytelling:
- Incorporating storytelling into videos can strengthen emotional connections and drive better results.
- Personal Branding:
- Consistently showing up on video helps humanize the brand, making it relatable and trustworthy to the audience.