As a diverse and contemporary voice actor, I appreciate that I can set my schedule and work from anywhere, anytime, with unlimited earning and learning potential. I answer only to myself, and there is no glass ceiling. However, there are some VO entrepreneur challenges you may face.
One challenge of being an entrepreneur is managing your time. Many business owners feel they could accomplish a lot more if they didn’t have to wear so many hats. Because of the inability to manage time, it is common for business owners to burn out quickly and become less productive.
VO Entrepreneur Challenges With Budgets
Sole entrepreneurs typically have a smaller budget to work with daily as the money for their business is also for life. Larger companies receive money from wealthy investors, which allows them to have more flexibility with marketing costs, investments, and other business expenditures. That perspective only works when there’s money to play with. To get started in a creative industry such as voice over, you need a fair amount of technology.
When I began my career, I made a budget in advance that included all the potential materials I’d need, and I priced out various models to see which would fit my budget. I purchased a Rode NT1 microphone, a Scarlett solo pre-amp, an XLR cable, a microphone stand, studio foam for noise dampening, and voice-over software. I decided to choose a decent beginner microphone that would allow me to grow into my business. I’m thrilled I made that decision because my equipment let me compete from the beginning. My clients, such as creative directors and producers with many years of experience, took me seriously and knew I had quality equipment to give me an edge over beginners.
Finding New Business
Another challenge of being a millennial sole business owner is lead generation. You may feel forced to find new leads and bring in new business. The goal of your business would be to follow the infamous Pareto principle. That is the 80/20 rule which states that 80% of your income comes from 20% of your clients. Once you’ve grown into your business, it is essential to keep your existing clients happy by maintaining those relationships strong. If so, they will continue working with you and assisting in your overall financial success.
VO Entrepreneur Challenges in Delegating Tasks
I perform 90% of all tasks in my voice over business. I understand the benefits of delegating tasks to others, but I’m not quite there yet. Some everyday tasks are lead generation, data entry, bookkeeping, social media marketing, and digital marketing. These are essential tasks that can aid in easing stress from the business owner.
Being forced to do it all can be very difficult for most entrepreneurs. It’s not common for one person to love all the tasks involved in running a business. Different personalities are better suited to various positions, and being a master of all can be challenging. In my example, I love the art of voice over. The creativity element excites me, and I like marketing. I find it enjoyable to know that my next big project or client could be around the corner.
One of my least favorite tasks is collecting money. I worked in collections in a former position, and it was tedious to remind clients to pay, track down the payment, and confirm it was received. In my voiceover business, it remains a laborious task. Pay-and-play platforms make tracking payments easier as they have a Sure Pay system to ensure that the money is in escrow. Yet, having to fund your own business means you need to confirm how and when you will be getting paid, and sometimes it can be awkward to follow up if the client has not paid they’re difficult to locate.
Preparing for VO Entrepreneur Challenges
Being an entrepreneur can be very rewarding yet come with its challenges. Understanding the potential issues, you may face will help you prepare for what may come and make it easier to handle difficult situations. Ultimately if you are up for the challenge of being an entrepreneur, do your research, set a budget, and be prepared for hard work but a great payoff.