Fail To Learn: Teaching Stories From Business, Sales, Marketing, Coaching, Blogging, Freelance, & Entrepreneurs.

FtL 19: We Had A Great Team, And A Bad Business Model with Adam Franklin

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Synopsis

Adam Franklin runs Australia's top business blog, BlueWire Media. His business started out strong as a web design agency and evolved into an online marketing agency. They had a team of 10 full-time employees and a business model with unpredictable cash flow. Things were running strong when their clients began 'suspending' their monthly payments. Cash flow shriveled up. Without cash on hand, he had to do the hardest thing any business owner has to do, lay people off. And that's when they began to evolve into his current business model. In this episode we discuss: How Adam started BlueWire Media in 2005 and sold websites without knowing a line of code. Why marketing your website is more important than the site itself. How consistent expenses with "lumpy income" is the worst type of business. How quickly bringing on clients, so you can pay your bills, leads to lower quality clients and higher aggravation. Why cash on hand is important in your business. It may seem obvious but this will drill it home. Why Adam f