Phanta Media is a Markham, Ontario based, fully integrated video production company, who specializes in effective video based communications.
The company is run by Mark Drager, a 24 year old new entrepreneur who is married and has a one year old daughter. The company was founded in December 2006 and Mark has an ambitious goal of becoming a million dollar a year business within five years.
What’s his plan to get there? Help companies increase their staff motivation, generate more leads, and speed up the sales cycle by helping their customers improve their communications with prospects, clients, and internal staff.
Capturing the audience’s attention and communicating your message is the meat and potatoes, but the secret sauce is the ability to market yourself without hitting your audience over the head with it. They also give their clients the peace of mind of knowing that their video production is grounded firmly in business objectives.
I asked Mark what his advice would be for other young entrepreneurs who are trying to build a million dollar business:
“I was told once by a mentor to “do everything yourself until it kills you” and that has worked wonders – although it means working long hard hours, and wearing many hats, it meant that I was able to bring my first fiscal year profit margins up to 93% – it also meant Phanta was able to be fully profitable and debt-free within 9 months of launch.
• Keep in contact with everyone you have ever worked closely with – because one day they can easily become a client
• If you are struggling, ask for help – other entrepreneurs, managers and even CEO’s will most likely do what they can to help you out if you are sincere and reasonable in your requests.
• Get an outsider’s point of view (I hired a third party business development consultant and it was the best thing I ever did!) – 5 months into my business I realized I wasn’t on course with my original business plan, I brought in a business development coach (if you can’t afford to pay a consultant it can be anyone – as long as they are honest, hold you accountable and offer an outsider’s point of view). Since bringing them in my revenues tripled.
• Find a way to get outside of your comfort zone – for this my BD Coaches hold me accountable, but stepping out of my comfort zone is the most rewarding experience, as what used to terrify me, quickly becomes second nature and I can do the things that need to be done (like cold calling).
• Be hungry for success – when I launched my business everyone thought I was crazy because my wife was at home with a 3-month-old baby and I was the only source of income. But what that did was motivate me to succeed – I had to succeed otherwise my wife and child would have no roof over their head and no food on the table… pretty motivating.”
What is your million dollar plan?
Evan Carmichael
Matthew Toren is an Award Winning Author, Serial Entrepreneur, and Investor. He Co-Founded YoungEntrepreneur.com along with his brother Adam. Matthew is co-author of the newly released book:Small Business, Big Vision: “Lessons on How to Dominate Your Market from Self-Made Entrepreneurs Who Did it Right” and also co-author of Kidpreneurs.
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