Interested in starting your own entrepreneurial journey but unsure what to expect? Then read up on our interview with Erin Sarofsky, founder of Sarofsky, located in Chicago, IL, USA.
What's your business, and who are your customers?
We are a one-stop, cross-media production company rooted in concept and design and specializing in producing a wide array of work for a diverse client roster. The studio has forged long-standing relationships with proven leaders in the advertising and entertainment industries. We have been recognized internationally for the brilliant design-forward work we produce and, most notably, our main title sequences. Our recent projects are "Peacemaker," "The Gray Man," "WeCrashed," and "The Staircase," but we are also known for iconic sequences like "Captain America: The Winter Soldier," "Guardians of the Galaxy (1, 2 and the Holiday Special)," "Shameless," and "Community." On the advertising side, we work with amazing agency partners like Highdive, Mccann, and Ogilvy, as well as work directly with clients.
Tell us about yourself
I was always ambitious, but I never saw myself as a studio owner. The reason I took the leap is that I wanted to live in Chicago and pursue my passion for motion design. I had just enough connections to get some clients, and while the work itself was a step back (going from making Super Bowl commercials for other studios to packaged goods end tags for myself), I knew that you have to start at the bottom to grow. I didn't have any expectations of growing what I had. I simply wanted to do good work for my clients. While that may appear to be rudderless, it's the thing that set my studio and me apart from the rest. Acting in the best interest of our clients is our ethos. And that is rare in a field rooted in ego. My motivations are to do great work for great people with great people. It's a formula that has never failed.
What's your biggest accomplishment as a business owner?
First and foremost, the work we have produced is my biggest accomplishment. Second, are the amazing relationships I have built with our clients and collaborators. Third is creating a notable brand within our industry.
What's one of the hardest things that comes with being a business owner?
Cash flow is the hardest thing. Every client has different payment terms and often doesn't even abide by those. After a little while, I came to think of myself as a lender and managed my cash based on a worst-case-scenario payment schedule. That has allowed me to have security and stability and not be operating from a deficit all the time.
What are the top tips you'd give to anyone looking to start, run and grow a business today?
Tip one. Make sure you have a revenue stream. It may sound silly, but I know many creative companies that started and thought that just because they created a nice website, the phone would ring. You really need relationships and to know where the work will come from before you begin.
Tip two. Ask for money (Line of Credit and loans) when you have money. And I don't mean contracts. Lenders only bet on the sure thing, so they only give when you have. And in my experience, they often only give what you have in cash. So squirrel it away, then get a LOC for a rainy day. If you wait till you need it, you will be disappointed. Additionally, don't dip into your LOC unless it is truly a gap loan and you're waiting on payments. Once you are operating at a deficit, you have to be diligent about getting out of the hole.
Tip three. Do not assume people can relate to the stresses of owning a business. You are on an island. If you need an ear, there are industry organizations for owners and organizations like Chief that can fill that role. For a while, I expected people, employees, and contractors to understand the weight and complexity of it all. But the truth is most people aren't wired to have empathy for their boss.
Where can people find you and your business?
Website: https://www.sarofsky.com/
Facebook: https://www.facebook.com/sarofsky
Instagram: https://www.instagram.com/sarofsky_design/
Twitter: https://twitter.com/Sarofsky
LinkedIn: https://www.linkedin.com/company/sarofsky/
If you like what you've read here and have your own story as a solo or small business entrepreneur that you'd like to share, then please answer these interview questions. We'd love to feature your journey on these pages.
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