NOTE: this transcript has been automatically generated and may not be 100% accurate
Hello, party people, Mitch, here from Party Business Growth Solutions, I’m super excited to give you another quick mini training today, so today we’re going to be focusing on this topic here. So we’re going to be looking at what best describes your role within your party business, within your children’s entertainment business, within your children’s activity provider business. Are you more of an employee which might make sense given your scenario? Or are you more of an entrepreneur? And that also might make sense for you. We want to dig in and figure out which it is, but the important thing is that if if you know the day you decided to start your own business, that entrepreneurial mindset needs to be there, OK? Without it, you’ll be having you’ll be struggling every day to try and grow your business to try and scale it to that next level. Okay? So we’re going to dig in here.
We’re going to look at the different types of business structures that you might have for your children’s entertainment business. We’re going to look at the key questions you need to be asking yourself almost on a daily basis to try and push your business forward and push your mindset forward to be more of that entrepreneur for your business so that you could have that vision, have that dream and really make it a reality. So let’s dig in here.
So first thing I want to look at was the different types of business structures. Now there are four different structures I’m going to break down for you here, and some of them are much more common with in our industry than others. But let’s have a look at all of them. Let’s figure out where you fit into this and where you’d like to fit in. All right.
So number one, we have microbusinesses. All right. So for lack of a better term, this these are businesses where the owner does the primary work for the business. OK, so if you are, as an example, a face painting business and you as the owner are the sole face painter for your business and you may contract out from time to time when you’re unavailable. But generally speaking, people call to book you and you are the individual that shows up to their gig and you do the face painting for their event that would describe you as the micro-business you handle all the operations, the sales, everything, and you’re also the person who sort of is the product. So without you, there’s no product. There’s no service to sell. All right. That is a micro business. All right. So this may describe you and your business currently, and that’s totally cool. All right. The key thing right now we want to identify which one are you? All right.
So the second type of business is a small business structure. So in this business structure, the primary work is actually mostly delegated to others. So you might outsource it to contractors. You may hire employees, but ultimately the majority of the service that is being rendered is being rendered by your your small team of staff, OK? So in this case, here you manage a small team, but you’re still involved in the day to day operations. So I think about as an example, you know, a character entertainment company that might, might hire a team of performers to go out and be the characters or where the mascot uniforms or whatever the case may be, but you’re managing them. This would best described you as a small business right now. That next level that we’re looking at in these first two, actually, before we jump into the next one, these first two are the most common business structures that I have seen now, having explored hundreds of different party businesses and working with many party businesses directly. These two are the main categories we seem to see most of our of party businesses, children and entertainment businesses falling into. All right.
The next category is our mid-sized business now in the midsize business. Where this differs is there’s at least one layer of management between the owner and the staff doing the primary work. So you’ve inserted that layer. So in the small business model, the owner is the one managing the team, whereas in the midsize business model, you have the owner who manages the managers who manage the team right? And so that’s your role as you manage it managers when you’re running a midsize business, OK? Now it is possible you may not fall exactly cleanly into only one of these categories, right? You might be a mid-sized business model, but there are instances in our times where you have to manage the performers directly, try to ignore the exceptions to try and figure out which one you mostly fit into.
OK, now our fourth category of business structures are large businesses now. In this case, you know, and this is a very rare thing in our industry. The vast majority of people in the children entertainment space have an owner operated type of model where the owner of the business is directly involved in the day to day operations of the business, whether that’s being the service themselves or managing a small team of people directly who deliver the service and the small business model, or even managing managers who manage the team of performers, right? In all of these cases, our owner is involved in the day to day operations. It’s just at what level are they involved in the large business model. However, this is when you’re hiring a CEO to run your business. OK, so you’re no longer involved in the day to day operations of your business. You’re letting your team do their thing. You might be sitting on the board of directors meeting with your team on a quarterly basis just to check in on your. Assessment, but you’re not involved in the day to day operations, and like I said earlier, this is not really a very common structure that we see often in the children’s entertainment space.
So the first thing that I want you to do right now is take a minute, think about these structures and identify number one. Which level are you currently at? Are you currently a micro-business? Are you currently a small business? Are you currently a mid-sized business or are you currently one of the rare ones in the large business model? Which one are you? Come to think about which one you fit into now. There’s no shame. There’s no right or wrong answer here. Different people have different goals for their business, and it’s important to understand what your goals are. And don’t take advice from somebody who’s telling you have to fit into this model for it to work for you. There are advantages and disadvantages to every single one of these structures. OK. So ultimately, for me, I could just share my own experience. I started as a small business right from the beginning and eventually grew into the mid-sized business for my business. And we had the exceptions where we had some franchisees.
So in some cases we had almost that large business model, but I was still very involved in the day to day of the business. All right, so that was the first thing I want you to identify is which one are you? Right? We have to know where you’re starting. The second big question for you to be thinking about it is the second big assignment for you right now to be thinking about is which level would you like to be at? So you currently have the level you would like to stay up on. Or is there a level you’d like to grow to that you aren’t quite at or are you at? You know, the mid-sized level, but you want to simplify your business and bring it back down to a micro business, for example. So where are you today? Where would you like to be? You have to be thinking about this is the very first step to not just, you know, making your business be a job for you for to have this entrepreneurial mindset, to grow your business in the way you want it to grow. You have to first know what is it you want out of your business. Okay? And there’s no right or wrong answer, but you need to know what it is for you. All right. Once you’ve done that, there are actually three entrepreneurial questions that I want you having in your mind every single day you’re running your business. In fact, I want these questions in your mind every single time you’re about to start a new task for your business. All right. So you look at your to do list for the day, for the day, and you answered these three questions for every single task on that To-Do list. All right. So we’re going to break those questions down before we wrap up this quick mini training for you. All right.
So the very first question I want you asking yourself every single day is will this whatever this thing is, you’re about to do? Will it help get you closer to your goal? All right. So that’s why first, we have to identify what your goal is. What is the business structure you want? What are the, you know, revenues you want to be hitting? What is the lifestyle you want to be having for your business? Because running a small business is not an easy task. There are reasons why the vast majority of small businesses are small businesses, excuse me, fail in the first five years and then even more of them fail in the next five years. Hitting that 10 year mark is quite a milestone. There’s a reason why so many small businesses fail every single year. OK. And it’s because it’s not easy, but also because most people who start the business did it because they had this freedom and this vision of freedom and all these things they wanted to be doing in their life. And then they realize all they’ve done is create a job for themselves, and it’s actually the worst job in the world because of all the stress is on them. They have to figure every single thing out on their own. OK, so you need to identify what your goals are. You need to know what the lifestyle you want from your businesses, and you need to know how you’re going to get yourself there. And the first step is evaluating every task you’re about to do and saying, Is this actually going to get me closer to my goal? Or is this just going to keep me busy for the next 30, 45, 60 minutes and prevent me from getting closer to my goal? All right. The second question that I want you asking as the entrepreneur, you put your entrepreneurial hat on.
The second thing I want you to ask yourself is what can I learn from taking this action? You see a lot of times when I’m speaking to our clients, something I’ve been learning a lot about people is a lot of times are not taking actions that they actually truly know that they should be taking, but it’s coming from a place of fear. What if it doesn’t work? What if I fail? Right? What if I’m not good enough at that and that fear is preventing them from actually taking the actions that are going to get them closer to their goal? So one of the ways we help people overcome that is we ask ourselves, OK, what can I learn from taking this action? You see, no matter what? There’s two possible outcomes. I mean, either succeed in this task I’m about to take on, or I might fail. But either way, there’s a lesson to be learned, and the true entrepreneur knows that and embraces that, and says the failure could possibly teach me more than the success might teach me. And that may actually help create even more exponential growth for my business. So evaluate what you can learn by taking on that challenge, by taking on that task. And even if it’s scary for you, if you know that there’s lessons to be learned from the failures as much as there is to be learned from the successes, then it makes it that much easier to take on that challenge. All right.
Our third entrepreneurial question we want you’re asking yourself, is what are the consequences of not taking this action today? Right? So if you’re avoiding, you know, tackling some of your marketing strategy because you’re afraid that it won’t work or you’re not good enough at doing it, what’s the consequence to your business if you don’t take on that task, right? It could be directly, you know, it can be something that directly impacts your business. You know, if I’m not out there actively marketing and all of the leads coming in, and therefore it’s going to hurt my bottom line and I won’t be able to afford to put food on the table for my family or whatever it might be. But it might also be something that if I don’t go out there and try and learn search engine optimization today, my competitors will and they’re going to dominate the market, right? So you really want to be thinking about the consequences of not taking certain actions. All right. So these are the three questions. Is the task actually going to get you closer to your goal? If it is great, take it on full steam ahead. If it isn’t, really, evaluate if you need to be doing this or not. What can you learn from the success and the failure of? Taking on this challenge and three, what are the consequences of not doing it at all? All right.
So that’s it for today’s mini training. Just a couple of little things I wanted to mention. First of all, thank you for watching on on behalf of myself and Adam, the entire Party Business Growth Solutions team that this is what we’re here for. We’re here to try and help you grow your party business as quickly as you possibly can. So if you’re feeling stuck at any point along the way, this is why we’re here. This is why we’re putting out this content to try and help you grow. So if there’s anything we can do, please reach out to us. Comment below this video. Let’s be in touch. Reach out to us and let’s connect. OK?
If you’re not sure where to start right now with your business, because some of you might be have watched this video and said, Yeah, I got all that. I’m good on mindset. My I am a true entrepreneur through and through. And that’s cool. There are actually six centerpieces to running a successful children’s entertainment business. There are six of them. Mindset. Your mindset is only one of the six. It’s a very important one, but they’re all important. All right, these six center pieces will determine how successful your business is going to be for the long run. OK, now if you’re not sure what those are, that’s cool. You don’t worry about it. We’ll have other trainings to walk you through all six of them and what they mean and how to improve in each area. But the very first step is actually figuring out what do you need to focus on first? And we’ve developed the Party Business Growth Solutions quiz. OK, the party business growth quiz. Sorry, if you take that quiz, it’s going to walk you through a series of simple questions for you to answer. And at the end, it’s going to give you a score on the six different centerpieces, and it’s going to tell you where your greatest opportunity is for immediate improvement today. OK? Not only that, at the end of that, when you finish the quiz, it’ll even give you some tips and tricks and some more mini training on that very specific topic to help you get started, because a lot of times taking that very first step is the hardest part. So go take the quiz. You go to partybusinessgrowth.com/quiz. All right, so partybusinessgrowth.com/quiz. Take the quiz. Figure out where your opportunity is for your greatest opportunity for improvement. Watch the many trains that come after that to help you take that first step, and if at any point you get stuck. That’s what we’re here for. Let’s connect and let’s get the party going. All right. Party on. Thanks for watching.