Jason Morrison founded Capital Solution in 2006.
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Tell me about your current business. What are you doing exactly?
Capitol Media Solutions is an Integrated Media Solutions company that focuses on media research, planning/buying, and selling. We represent clients in multiple industries with many different media based objectives.
What were you doing before this, and is this your first business?
I was selling advertising for a healthcare publication.
What advice would you give to somebody else who wanted to start a similar business?
Be persistent, be honest, never give up, and always strive to learn new things every day. Most importantly, stay focused on a core expertise and become a well-known name and company for that particular industry. Focus and persistence often times leads to success!
Who did you hire to help you?
Off the bat, we hired both an accountant and attorney to help us turn our ideas for CMS into both a legal and personal reality. I also highly recommend seeking the assistance of a personal board of directors (i.e. best friend, close business relationship, family member) to help assist you in the 'large scope' thinking that is necessary when first opening the doors.
Did you operate your business from your home? What were the challenges and benefits to this strategy?
Yes, initially the business was operated out of my business partner's kitchen to help save costs. The benefit to this was the financial savings that came with having a virtual office however the challenges were the client meetings and daily operations that require fax/copy machines, conference calls, etc. It is also very difficult to have good separation between personal and business life when you operate out of your own home.
Did you have a partner when you started your business? How did you select a partner?
Yes, this was instrumental in the growth of our business as both of our personalities have balanced us out. The partner was selected based on a personal friendship and trust for his business savvy.
Have you hired additional staff? What is your greatest human resources challenge?
Yes, our greatest human resource challenge is the management of our staff. It is always a very delicate balance of micro-managing vs. hands-off management and when to apply each to which employee.
With the current economy in a slump, what cost saving tips would you have for a new entrepreneur?
The first tip I would give would be to outsource everything that isn't relevant to the bottom line of bringing in new sales. Take advantage of college interns to help you with some of the less important aspects of the business that still need to be completed. Also, save money on trips with interactive tools such as Skype, allowing you to do face-to-face meetings virtually.
We love interns here at Gaebler.com, too! Thank you Jason for the great business advice.