Shipyard Update: What We Learned From A $100k Studio Investment
Sep 26, 2023
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The hosts discuss the updates on their shipyard project, the process and expenses involved in building an in-person studio, the benefits of paying for education and finding the right balance, the importance of pausing and assessing a growing business, and the value of doing boring work.
Building a physical studio can enhance content quality and amplify impact.
Balancing growth and handling studio project requires prioritizing existing operations and resisting new projects.
Deep dives
The Importance of Building an In-Person Studio
The hosts discuss the significance of building an in-person studio and how it can enhance the quality of their content. They highlight the connection between the online and offline worlds, and how having a physical space dedicated to their creative work can amplify their impact. They express their excitement about the possibilities the studio offers, such as hosting collaborations, creating evergreen live content, and conducting business tear downs. They also mention that the studio will serve as a place for like-minded creatives to come together and share ideas.
The Cost and Time Investment in Building the Studio
The hosts reflect on their experience in building the studio, emphasizing the importance of considering the cost and time investment. They reveal that it took longer than expected, and the total cost ended up being around $100,000. They discuss how they initially underestimated the expenses and highlight the need to properly plan and account for all the necessary elements, such as studio rent, insurance, agency fees, and equipment. They also acknowledge the value of having a professional agency assist them in the design and construction process.
The Challenges of Maintaining the Current Business
The hosts discuss the challenges of balancing the growth of their current business while also handling the studio project. They explain the importance of focusing on the low-hanging fruit and fixing any existing bottlenecks in their current operations. They emphasize the need to resist the temptation of pursuing new projects and instead prioritize maintaining and improving what is already working. They highlight the importance of the monotonous work required for scaling the business and the potential impact on long-term success.
Lessons Learned and Excitement for the Future
The hosts reflect on the lessons learned and express their excitement for the future with the completion of the studio. They mention the value of taking the time to pause and assess the business at different stages, as well as learning to take cash off the table as the business grows. They also discuss the satisfaction of closing open loops and the potential amplification of their content quality due to the studio. They conclude with a sense of accomplishment and determination to continue climbing and improving their business.
In episode 26 of Espresso Hour, Ship 30 for 30 Captains Dickie Bush and Nicolas Cole walk through the lessons they learned during the build of their content studio, the Shipyard.
(00:00) Intro (01:12) Updates on the Shipyard (04:22) Breakdown of the numbers (07:44) Making bets on yourself (13:49) Don’t reinvest everything into the business (16:58) Plans for the studio (and shiny objects) (19:35) Drinking our own kool-aid (27:44) Biggest lessons learned from this process