Help a fellow entrepreneur!
We recently recieved a call for help (via our "Contact Us" button) from a fellow entrepreneur named Jim. Here’s what he wrote:
message: Jeff/Rich:
So, do I just let it fold?
I started my passion play 18 months ago that I’ve been thinking about for
3-4 years. Wireless Tech Radio is a one hour per week live streamed talk show about wireless industry and technology.
http://www.wirelesstechradio.com
I recruited great, known co-hosts and we produce solid , insightful, educational content each week. we earned good reviews in the industry and some advertising support. But not enough to pay the bills. We’ve proven the production model and ability to deliver content, on plan, but we have not been able to monetize it sufficiently. The original idea was to prove this works, and replicate it among obvious other content areas with demand for current information via streamed format. We have archived content, we now podcast, too. We are unique in our specific focus on audio content for the wireless industry. There are other news/content portals but no one else doing audio, yet.
I funded all the start-up costs from my savings. And now my real job employer has closed my office as a result of a merger and cost cutting.
Of course, the new stress of unemployment on my wife and family is incredible. She, understandably, insists on 125% focus on job-hunting so that the mortgage can be covered and savings drain stopped.
You’d think it would be a perfect time to put tremendous effort into building sales efforts and eyeballs required to attract more advertisers, but I can’t with the domestic pressure. I have carved out time while traveling on job interviews to plan proposals to a few large corps who are pouring money into this space for underwriting an effort specifically focused on their markets and interests. But, the corporate response is not overwhelming.
One of my co-hosts, Steve Stroh, is a good writer and good content guy, but as a freelance write he, too, faces the need to find stable source of income. We’re just under the power curve, looking at all the things we could do nationally and internationally with the addition of adequate funding.
I think I’ll be fortunate in finding a paying job within the next month and have explained the demands that new job will likely have to my co-host partners. But I feel the bright light of doing the thing I love to do being extinguished. The concept may be able to creep on as I’m finding a lowcost way to outsource most of it without my involvement.
I thought I’d reach out to you both in case there are fresh ideas on how to develop near term financial support to keep content development fresh (funding to Steve) and our project intact. Perhaps there could be grant funding from some sources like NPR or RUS or others who are interested in our vehicle for distributing information and knowledge.
I hope this is an interesting challenge that merits some of your time for assistance. This is a bit of a stretch but understanding that one never knows where connections will lead I thought I’d reach out to you. Media, advertising, sales advice needed.
Warm regards,
Jim
Founder
Wireless Tech Radio
Do you have any smart recommendations or leads for Jim?
Fellow entrepreneurs to the rescue!
June 28th, 2005 at 12:56 pm
Have you tried selling / licensing the programs to local radio stations? maybe even college radio stations?
Do your podcasts have ads in them?
Are you getting good traffic to your web site / podcasts / etc.?
Do you have someone blogging about your show? Depending where you are located you may be able to find a "name" blogger who would be willing to mention your show on their blog. It could be someone in the media (Mike Wendland is here in Detroit) or a techie like Tim Bray (Internet guru).
A last thought is to go back to your business plan and see what ideas you had (which you may have forgotten).
Good luck!
– Kathleen Brade
June 28th, 2005 at 3:28 pm
There are tons of schools that teach people everything about wireless technologies. The students are mostly professionals who are going through a career change.
Market yourself to these schools, and let them market you to their students. Word gets out very quickly in the technical field.
As you have more professionals interested in a change of career listening to your show, you may want to approach recruiting companies about advertising with you - it’s the perfect audience for them. You can also approach the schools about advertising with you, etc.
Just a couple of thoughts, hope they help, and if they do, remember us when you get larger….
June 28th, 2005 at 3:57 pm
Could you research the new wireless products.Ask the manufactures to give you guys their products. Test them out on your own turf, like the folks that test the new cars.(Car and Driver, etc). Then have the companies pay you to explain how they work, advantages,disadvantages, price comparison, where to buy them, etc. Maybe 3-4 wireless manufactures would support your show.
There are things out there that are coming on the market ever day. Some people want to be the very first to own one. It would be like the new Hi-Tech show for wireless. Believe me, people would joint in to hear what’s new. Charlie Rose had a manufacture CEO on his show that talked about all the new tech. that was coming out soon. It was very interesting to me
Just a thought.
Ted Lacy
June 28th, 2005 at 3:58 pm
Jim:
First, congratulations on taking the chance to pursue a dream.
I’m just as new to PodCasting as everyone else and I’m on the listener side. However, I AM in the advertising and publicity business. So I am VERY interested in seeing how the whole concept plays out.
As a resource I recommend you have a look (and listen) to Brain Brew Radio. You can find the website at http://www.800brainbrewradio.com. You might even want to consider calling into the show.
They are a pair of very smart business guys that can surely offer some sage advice.
But on to my main reason for offering my comments.
I started my own advertising and publicity agency three and a half years ago. I’ve gone through a lot of ups and downs since day one.
In my experience I see your primary hurdle being the support, or lack thereof, of your wife.
Getting right to the point; you have two choices here. One is to concede to your wife and put 125% of your efforts into finding a new job. Two, is to stand firm on this endeavor and be prepared for the risks to your marriage as a result. You may or may not be able to look for a full-time job at the same time. That all depends on your personal abilities.
My original business partner eventually left my company as a result of not getting the support of his wife. I encountered the same problem with a later partner and ended up asking him to leave the company due to his wife’s lack of support.
I doubt I need to tell you that starting a business requires money and LOTS of time. The trick is finding both of those elements as well as emotional support from family.
Is your wife able to work to bring in income, even if it is a modest amount? Perhaps she can work and you can base your operation in your home and play the role of "Mr. Mom" while you get it to the profit stage.
Loosing your job could turn out to be a real blessing in disguise.
Best wishes!
Patrick Whiteside
SKG/CREATIVE
June 28th, 2005 at 5:04 pm
Starting and building a business is a full time endeavor. Prehaps you can borrow cash for your personal needs, mortgage, etc.; and work at your business full time. Go back to the basics of your business plan, bust your butt to generate revenue, in the short term, sufficient to carry out your plans. One place to look for loan/cash are from people you know that are active in the industry–even potential employee/contractor types. A dream of running your own business requires every drop of passion and energy you can muster.
Good luck!!
June 28th, 2005 at 9:14 pm
Look I see some real great ideas up there, and by all means give them a try, But having lost the the most important because of business I know that getting your family life right is the first thing to do, What ever your skills are put them to work first, Wireless is not going anywhere and its still growing and you can still ride the wave. Hell we all put in more hours then God, whats new. But your wife is feeling something very real to her. Its just the way they are built, take care of a job first and keep the thing you need most or have you forgotten the reason you started a business?
GOOD LUCK and keep us all posted.
June 28th, 2005 at 9:44 pm
Jim,
I hate to be one of the only sources of realism on the board; however, I feel compelled to give you a wake up call so that you can avoid an unpleasant situation down the road.
While I appluad your initiative, I think you need to look at your situation before jumping into your start-up full-time. The fact is, your wife (and family) may not make it without you contributing financially. A start-up, while exciting, does not bring the money in right away and may not bring the money in ever!! From personal experience, relationships become more difficult as money becomes tighter . . . and this can hurt your performance and the performance of the company . . . vicious circle develops as weak cash flow means more difficulties at home and more difficulties at home hurt job performance. I’ve been there; done that — was it worth it to me? No, in the end, I lost everything I really needed.
Suggestion: Get that paying job; sock some money away . . . you don’t have to start a business right away. Whatever you do. don’t put your relationships at risk for the pursuit of a start-up. It just isn’t worth it.
June 29th, 2005 at 8:21 am
[p][/p]
Jim,
There are plenty of great ideas for which there simply isn’t a market. There are also plenty of markets for which some great idea hasn’t been executed properly.
You have great advice from many others preceding me; however, there are some gaps worth considering:
1) Have you engaged the support of any advisors? Determine if there is a MIT Business Forum (I have an acquaintance who recently started one in the DC area), Small Business Administration Consultants, etc. available in your area. Talk to/meet with people who specialize in advising entrepreneurs seeking funding. In a matter of minutes, they may help you identify the flaws in your business plans, your assumptions, your understanding of the marketplace, etc.
2) If you can speak, perhaps you can write as well. Are you writing any columns, articles, etc? Have you contacted industry and/or enthusiast magazines to discuss writing for them?
3) Consider AM radio for syndication. Remember, talk radio is on the AM side of the dial.
4) Have you attempted any partnerships with more traditional and established entities? CNet, Ziff Davis.
5) Who is listening to your streamed casts? Have you implemented a program to identify the demographics or your listeners?
Keep in mind that successful marketing is often approached from multiple avenues. Just because you’re enamored with a given new technology doesn’t preclude you from aligning yourself with more traditional formats. Isn’t your target listener someone who is already exposing themselves to those formats?
Are you attending/participating in industry events, seminars, user groups? Some large conventions have TV shows which run at the convention and area hotels. Have you considered working with a company that provides these services? Do you attend CES, SuperComm, etc.?
Understand the reasons for people to tune in to you. Can people call in? Do you have emotionally compelling content? Why would the average mobile phone user want to regularly listen to your show?
I think it’s great to integrate your passion with your work, if you can afford to. But remember, the majority of people in radio and in print do not earn a great income.
Finally, remember, the grass is always greener if you water it. I would consider a family meeting. If you pursue this full time, you’re going to require the voluntary buy-in from your entire family (Learn from Mr. Beaton!). Your decisions impact the lives of the ones you love.
If you don’t currently have regularly family meetings, consider looking at "YOU MEAN I’M NOT LAZY, STUPID OR CRAZY?!: A Self-help Book for Adults with Attention Deficit Disorder"
http://www.amazon.com/exec/obidos/tg/detail/-/0684815311/qid=1119464066/sr=8-1/ref=sr_8_xs_ap_i1_xgl14/102-5008527-1972130?v=glance&s=books&n=507846 It appears to have an excellent section addressing this - whether anyone in your family has ADD or not.
There are 24 hours in a day. Perhaps with family support and commitment, aggressive time management and unwavering focus you’ll find a way to have a day job to pay the bills AND continue this venture.
I wish you the very best of luck and success!
June 30th, 2005 at 10:54 am
One immediate action you can take is to find the Small Business Development Center (SBDC) in your area. They have a set of books put together by Entrepreneur Magazine that gives the budget norms for your particular industry. Since podcasting is new, you’ll probably have to look up an industry that’s closely relatied, like radio and tv, and then make adjustments to it.
June 30th, 2005 at 8:41 pm
All:
[b]Thank you very much for the thoughtful responses.[/b]
I’ll try to answer many of the questions asked — Yes, the [b][u]show itself has ads inserted in them[/u] [/b]just as does any ‘on-air’ radio show. Right now, the podcasts are a replay of the weekly streamed show so they contain the ads but I think I’ll edit them out to tighten up the content AND reserve ads for advertisers who explicitly pay for insertion.
I am [b][u]not getting enough website traffic[/u][/b] to be really attractive to advertiers or to attract the resellers like [b]Tribal Fusion[/b] - although I’ve spoken to them and they’re interested when the numbers come up. We get about [b]150,000 hits and 7,000 unique[/b] visits per month, steadily growing. I realize we need more CONTENT to drive eyeballs to make this grow significantly.
I have been thinking of using [b][u]RSS tools to aggregate wireless industry news[/u][/b] from other sites — to be a one stop shop for news and fresh content. Downside: I think Google Adsense frowns on this. I have not thought of ASKING other bloggers to mention our site - thanks for that idea.
BION - I had thought of the idea to [b][u]affiliate with teaching institutions[/u][/b] but lack of available FREE time overcame execution there.
[b]
[u]Products reviews[/u][/b] - we are talking to an industry firm who does product testing specificially on wireless industry gear. Here’s a funny downside - the engineering owner wants to ‘do radio’ so he insists on being the public voice for the firm - only his speaking skills are terrible. It’s painful to listen to multiple "UHH" "UMMMM" "like" "you know" between and around every phrase of every sentence. THis may sound trivial but I assure you it’s crippling in this case. AND I can’t tell him directly that he has very poor speaking skills that detract from his message and our show quality.
Otherwise, we [b]cultivate SMEs[/b] in any wireless technology who can describe equipment and its function for listeners. I have especially looked for [b]consumer equipment experts [/b]to catch the tide of new users looking for a good information resource, but if they’re good they’ve found a paying gig already.
[b][u]Family / business[/u][/b] — family wins. I’m not Lance Armstrong. I have two great kids who are my mission in life to prepare for theirs so this hobby will go before they do!
[u][b]SBA / SCORE[/b] [/u]- there are SCORE chapters in the WDC area and I’ve scheduled a meeting with a counselor next week . I’m defining the issues with them to be business planning and sales development (100% commission sales).
They could be useful.
It does looks like one of those [b]online PAY audio [/b]download sites will pick us up - initial discussion was positive and I sent them a CD demo. More to follow there ….
Regarding [b][u]radio syndication[/u][/b] - I have approached several of the local AM stations in my area and a smaller WDC talk radio station. Radio station, in general, view my show and all similar content as [b]Payed Infomercials[/b]. If they can find a 4AM saturday morning slot, [b]they want $800 and 8 minutes [/b]for the privilege (one hour show). Problem is there are nationally distributed shows that PAY this kind of money to market stations just so they can claim the coverage and numbers. I’ve contacted all my old chums in the radio business who were sympathetic but owned music stations where this content won’t fit.
There is a guy a in the LA area on the web, who for $25k will attempt to sign you up on radio stations using his vast experience in the industry …….
Thanks again and I’ll continue the dialogue with any of you.
Jim
July 1st, 2005 at 10:39 am
[b]Wireless Tech Radio[/b] - [b]http://www.wirelesstechradio.com[/b] is a 1 hour/week streaming/podcast talk radio show on all types of wireless technology. Because of our backgrounds, a lot of what we discuss relates to Wireless ISPs, but we’re branching out into topics like Zigbee, UWB, not to mention talking a lot about Wi-FI and WiMAX.
We’ve done about [b]eighteen months[/b] of shows now. We’ve learned a lot and have developed a lot of capabilities. We’re doing podcasting now, we’ve made friends with a lot of good subject matter experts, we proven our ability to generate good content… etc. But, as of mid-2005, we’ve taken it about as far as we can go on personal finances.
What’s really frustrating is that Wireless Tech Radio is a [u][b]nexus of two huge trends[/b][/u]. The first is the [b]dramatic shift of all types of electronic devices to move from wired connections to wireless[/b]; some examples are telephones (cell phones), personal computers (laptops with Wi-Fi), and increasingly all manner of home, business, and industrial systems (RFID, Bluetooth, Zigbee, 3G, Ultra Wideband - UWB, and of course WiMAX). We’ve evolved WTR’s editorial model to cover all manner of wireless developments; we could scale WTR as necessary to cover ALL significant developments in wireless. At the moment, Wireless Tech Radio is the ONLY audio content that delivers regular, focused, quality coverage of wireless.
The second trend is [b]podcasting[/b]. I think that by the end of this year, "podcasts" will be simple and ubiquitous for anyone who has a portable audio device such as Apple’s iPod (but certainly NOT limited to just the iPod). Apple released iTunes 4.9 this week with direct Podcast support (not quite as well done as it needs to be, but it’s a start).
Microsoft’s stated overwhelming support for RSS in IE7 and Longhorn, should it ever ship, bodes well for podcasting to be simplified to the point for mass adoption, including support for all the iPod wannabe devices supported by Windows. While we haven’t integrated podcasting into our model as elegantly as some (yet… we’re not seeding it out via BitTorrent, for example)… we really GET podcasting.
But [b]Wireless Tech Radio isn’t just about "wireless" content.[/b] The production AND editorial processes that we’ve worked out over the last 18 months can be extended to any number of [b]"deep niches"[/b] that will attract enough listeners and advertisers; some recent ones that we’ve brainstormed include:
[b]"Environment Talk Radio"
"Medical Tech Radio"
"Broadband Tech Radio"[/b]
(There’s no end of ideas with what we might be able to do with me being located in the Seattle area, and Jim being in the DC area.)
What we… mostly Jim, have worked out is all the processes necessary for being able to do all those other "deep niches"; we can scale what we’ve learned doing WTR to accommodate nearly any type of content.
Some of what’s different about WTR from typical podcasts is:
[b]1)[/b] WTR’s content sounds professional - audio quality is good. Jim has invested in good audio gear and knows how to use it.
[b]2)[/b] WTR uses professional voiceovers and bumper music for announcements, segues, etc. To me, listening to the typical podcast, that’s huge.
[b]3)[/b] WTR is advertiser supported, with professionally produced ads. Our research indicates that our WTR’s listeners don’t mind, and some actually appreciate the ads on WTR since those advertisers are very content-specific. I liken this to how much fun it was to read the BBS and ISP vendor ads in Boardwatch Magazine (back when was good.)
[b]4)[/b] WTR is built around interviews of people and companies doing interesting things, from one guy that built a Wi-Fi based Wireless ISP for his condo complex, to the CEO of Airspan. We value our listener’s time so we try hard to keep the content on-topic (but we’re friends too, so there is the inevitable banter).
[b]5)[/b] WTR has a track record of producing content reliably for more than 18 months now; I think we’ve missed a total of two weeks, one where we declared a week off just before Christmas, and another where we had an incredible combination of tech problems at the last minute.
[b]6)[/b] While we all started WTR as a hobby project on a time available basis… its editorial success and being well-established as podcasting just started up… we’re not content to keep doing WTR as a hobby project. We would really like to do WTR if not as a full time job, at least be able to put a lot more into it than our current schedules allow.
As for Wireless Tech Radio itself… our energies and available funds (Jim Sutton’s savings, advertisers) have gone into getting the editorial and production models working, and to learn how to scale those if/when we received funding to "go full time" with WTR. In the past few months, we’ve explored the potential for obtaining underwriting for a version of WTR tailored to the interests and needs of some major companies in computing and telecommunications. We haven’t met with any success, and very little encouragement, in our requests for underwriting.
My personal conclusion is that absent a significant outside investment in the near future, Wireless Tech Radio will soon be forced to wind down. Jim and I believe, to our core, that the concept of WTR is not only completely valid, but will be wildly successful as WTR is perfectly positioned with the processes and models to survive, thrive, and scale to other content areas. With funding, we could seize the opportunity - we’re ready to ramp up now and fully exploit WTR’s early mover advantage. SOMEONE is going to get the "podcasting franchise" model going, just like we’re seeing blog franchises like Weblogs Inc. and many others emerge. We know what to do… we just lack the funds to seize the opportunity.
We’ve talked to some degree about WTR’s future with Dewayne Hendricks, Esme Vos, and other notables. Those that get wireless REALLY like what we’ve done with WTR and hope we succeed in growing WTR to the next stage.
Thanks,
Steve Stroh
Co-Host, Wireless Tech Radio
July 16th, 2005 at 3:11 pm
Jim,
You have gotten a lot of great advice. I just want to mention one thing, with all the stress and pressure we over look one important detail. If we just slow down and ask for an answer or avenue and listen it will be presented. Ask and you shall receive!
Best Wishes,
Donna
September 14th, 2005 at 8:04 am
I totally empathize with you guys. You have great content, a great idea but it’s just not bringin in enough moolah to feed yourselves and your family comfortably. And you are caught between family commitments and personal interests.
I face the same situation too. We have started a Math educational magazine for students and we have a great content team who is able to bring concepts to life for readers but the money is just not enough for us to expand on the magazine or to move faster for pentration. We have a stable number of subscribers but it is just not growing fast enough to sustain us.
I wish I could help with your situation but I come from a totally different industry to be able to offer anything of value.
But I think you should stick with it because the combination of a great product and a great idea coupled with you& your partner’s passion is a difficult combination to get.
September 14th, 2005 at 11:13 am
Hi Jim,
Your schedule is 125% 9 to 5. What are the schedules like for the two kids and your wife. They too are prospective employees. Do either of the kids like writing? Find what their real interests are and determine how to integrate them into a business that they might want to continue after you. Wireless Tech Radio should be a part of their life too. Ask them how they could help. Good luck on the wife. I have one of those too.
Sidney White
April 11th, 2006 at 12:11 am
I am in the same position as our friend. Yes, its a desperate situation having the wife carry the load. I do play daddy 24 dropping junior to school and picking up every day. Hats off to the misses. But I have a general question for the entire start-up industry. For centuries, men have been the sole bread winners in families while the wife stayed home and tookl care of the kids. Why has it been o.k. for centuries for a man to carry the financial load with wifey home bringing in no income and "NOT STARTING A COMPANY", but switch places and hubby wants to stop working and start a company, wifey gets all bent out of shape cause she is the only bread winner now?
September 7th, 2008 at 9:38 pm
All that I can say is that you have gotten some great advice here and you should never give up the fight. If you have to take on more, just take it in stride.
Our blog has picked up a number of more readers in the last few weeks and we would be happy to post an article on you. Not sure how much it will help, but one more channel is always a good thing.
Enjoy the day,
James