We were lucky to catch up with Tom Brown recently and have shared our conversation below.

Tom, looking forward to hearing all of your stories today. Let’s start big picture – what are some of biggest trends you are seeing in your industry?

As social media continues to dominate the media landscape, the importance of being a ‘creator’ has skyrocketed. Today, not only do businesses, regardless of their industry, need to be active on social media and produce engaging content, but entrepreneurs are also finding it increasingly essential to cultivate a personal brand.

I ventured into video production nearly a decade ago and have witnessed a dramatic shift. There was a time when video content seemed exclusive to affluent individuals and large corporations. Now, the demand for content creation spans everyone from small business owners to individual creators. Initially, having a video production team was costly and required meticulous planning. However, the landscape transformed significantly, particularly around 2020. There was a noticeable move towards less polished, more authentic content, with formats like podcasting gaining massive popularity.

Recognizing this shift, I decided to pivot my business towards supporting this burgeoning community of creators. I founded Chicago Podcast Studio, a hub designed to offer creators a turn-key solution for producing high-quality content affordably and efficiently. At that time, there were no similar facilities in the Chicago area where the public could book a fully-equipped studio for their video podcasts. I seized this opportunity to create a space where creators could simply book, show up, and start recording, with all the production elements seamlessly handled.

Today, Chicago Podcast Studio boasts multiple sets and hosts dozens of shows. We’ve had the privilege of working with hundreds of podcasts and content creators, helping them bring their visions to life. The evolution in media consumption and creation has opened up incredible opportunities for entrepreneurs and creators alike, and we are excited to be at the forefront of this dynamic industry.

Tom, love having you share your insights with us. Before we ask you more questions, maybe you can take a moment to introduce yourself to our readers who might have missed our earlier conversations?

Ever since I was young, I’ve been drawn to entrepreneurship, constantly engaging in side hustles and striving to build a livelihood under my own name. My first real venture into entrepreneurship was in high school when I transformed a part of our family home into a recording studio. Fortunately, my mom supported and encouraged me, providing a foundation for my journey into the media and creative fields. Although that initial business didn’t become a significant source of income, it taught me invaluable lessons about running a business.

Throughout college, I dabbled in various ventures, from automotive modifications to a subscription box service during the height of their popularity. However, it wasn’t until I graduated that I faced the quintessential choice: secure a traditional job or commit to making my entrepreneurial ventures work. I chose the latter, and I’m so grateful I did.

I founded Innova Digital, my video production business. The early days were challenging. I underestimated the difficulty of starting a business and making it profitable. For years, I struggled emotionally and financially, often feeling like a garage band on the brink of giving up. However, I persisted, believing I was just one breakthrough away from success. In 2020, as the world went into lockdown, the demand for video content surged, and my business finally gained traction. I had also become more serious and consistent in my efforts, and these “reps” started paying off with client acquisition and improved work quality.

Today, while I still identify as a small business owner, I no longer worry about bills or question my decision to pursue my own path. I have a full-time employee, a wonderful studio and office space, and a roster of loyal clients who enjoy working with us.

Entrepreneurship often becomes a comparison game, which can be toxic, especially for newcomers and even seasoned professionals. Business is hard, and if you’re making enough to avoid a traditional 9-to-5 job, you’re doing well in my book. I have many goals yet to achieve, but I’m learning to appreciate the progress and life I’ve built.

Can you talk to us about how your side-hustle turned into something more.

Absolutely. The business I have now evolved from my passion for the work I do. While I pursued areas with good opportunities and less competition, at its core, my business is built around what I love doing.

I’m a big believer in starting small. Many entrepreneurs have grand ideas that can be difficult to launch, which often leads to inaction. Everything I’ve been involved in so far has been primarily service-based work, where you trade your time and expertise for money. Service businesses are often more affordable to start and have a more direct path to profitability. While they may lack scalability, for first-time entrepreneurs, offering a service is a smart move.

In my case, my journey began with music equipment from my personal passions. I turned this into a recording studio where people could book sessions. As my clients began requesting music videos, I bought a camera and added that service. This led to further opportunities in creating product ads, corporate content, headshots, and more. Today, I have a wealth of equipment and expertise in these areas, and my business is thriving by providing these services. I gradually acquired new equipment and expanded my service offerings as I was able.

If you have multiple revenue streams in your business, would you mind opening up about what those streams are and how they fit together?

Yes! While it’s common advice to focus on one thing and master it, I believe in the importance of diversification, especially within my industry. Although I don’t venture far outside my core industry, I offer a variety of services within the same scope, which has allowed me to maintain multiple revenue streams. This approach ensures that if one area starts to struggle, the others can compensate.

This lesson hit home particularly hard this year when our core video production company experienced a downturn. Our numbers were significantly down for reasons I’m still trying to identify. However, our studio business surged during this time, filling in the gaps and keeping us afloat. Additionally, I recently launched an online community for other content studios and video podcast studios, which has also started generating income.

I also run a YouTube channel focused on studio-related content, which brings in revenue through sponsorships, ads, and affiliate deals. Diversifying income streams has proven to be invaluable, providing stability and resilience in an ever-changing market.

Contact Info:

• Website: https://www.Innovadigitalgroup.com
• Instagram: https://www.instagram.com/atickingtimetom/
• Linkedin: https://www.linkedin.com/in/thomas-brown-innovadigital/
• Youtube: https://www.youtube.com/@thestudiobusiness