In This Episode You’ll Learn:
- The importance of documenting processes
- The benefit of making your website visually appealing
- The challenges of starting up a new business
A Serial Entrepreneur
Spencer has been a serial entrepreneur from a young age. He has co-founded multiple companies and prides himself on never having earned a paycheck from anyone other than himself.
He says equity is paramount when seeking initial funding and support for your start-up. Spencer says that investors will sometimes ask for up to 20% ownership of the company or special investor rights.
When his company Podia was first starting out, Spencer was adamant about not giving up board seats so he would still be in control of the major decisions being made. Although the right board members can have a huge impact on your company’s growth, bad board members can stifle a business’ growth.
Spencer knows the importance of documenting processes. Through being transparent with their employees and sharing all of the numbers and data across the board, his company has been able to:
- Improve their performance
- Avoid repeated mistakes
- Refine processes
“Having written processes allows us to collaborate and make sure everyone is on the same page.”
However, don’t add processes just for the sake of it. Make sure things truly need to be fixed, before putting in the time and resources necessary to update it.
Make Websites Efficient And Pretty
Although his company doesn’t follow an exact framework, Spencer shares that from the beginning it has been focused on iteration. He urges that in order to succeed, you need to get your idea out into the world, make it pretty and then make it efficient.
“Every SaaS company out there has lots of competitors, so making it pretty and making it usable is such an important differentiator.”
First impressions matter when it comes to building a website. The advantages of making your website visually pleasing should never be underestimated. Creating an excellent customer experience comes down to having a website that is not only aesthetically appealing but is discoverable and accessible, as well.
Turn Mistakes Into Wins
It takes a lot of dedication, commitment and determination to successfully start a business. You have to be willing to learn new things and put yourself on the line, even if it’s uncomfortable.
”The number one thing I always tend to learn [when starting a business] is what not to do, so I always carry that forward into the next business.”
Work smart and be prepared for stress. Spencer says the most difficult part about owning a business is getting it started. Stay focused, get things done and remember that success doesn’t happen overnight.