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In this unique episode, Small Business Mentor host Alan Pentz interviews Lauren Feldman, a veteran business journalist who spent decades covering entrepreneurs and small businesses at publications like Inc, Forbes and The New York Times. A few years ago, Lauren took the leap into entrepreneurship himself, launching 21 Hats - a multi-channel media brand providing news, education and community for owner-operated businesses.
Lauren traces his long career arc in business journalism, the impact of the internet on traditional media business models, and why he finally decided to strike out on his own. He discusses the origin of 21 Hats, early traction with his newsletter and podcast, and how he pivoted when his initial funding partner had to pull back during the pandemic.
Alan and Lauren then dig into the nitty-gritty of 21 Hats' business model and revenue streams, ranging from sponsorships and affiliate deals to paid events and communities. They brainstorm paths to further growth and profitability, including developing more focused, high-value niches, finding ways to productize Lauren's network and expertise, and potentially partnering with service providers. Finally, Lauren shares why he loves the new event-driven direction and the satisfaction of being able to experiment and learn as a solo entrepreneur.
Whether you're a budding media entrepreneur or just fascinated by the future of niche publications, this episode provides a masterclass in the challenges and opportunities of building a targeted, multi-platform media brand.
Quotes:
- "I thought, you know, the best sports stories are people's stories. The best business stories are people's stories, too. And just as in sports, in business, there's somebody's keeping score."
- "If you talk to a newspaper journalist in the 1980s, you were likely to hear something along the lines of 'What are you talking about? We don't need to do marketing. People have to read us. It's their civic duty.' That wasn't a good strategy."
- "I define my niche as the owner-operator business owner who has a whole range of issues to deal with, has to wear 21 hats. I'm hopeful that we can get to as many of them as possible, but it means we're not going as deep as we might if we were focusing in just a handful of areas."
- "It's actually an interesting business model. By eliminating speakers, you're eliminating one of the biggest expenses of meetings. To me, being at these events is like being at summer camp again."
Episode Resources:
- 21 Hats Website
- 21 Hats Newsletter on Substack
- 21 Hats Podcast
- Lauren Feldman on LinkedIn
- Alan Pentz on LinkedIn
- Corner Alliance Website
The Small Business Black Holes Podcast is handcrafted by our friends over at fame.so
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