Discover the entrepreneurial journey of Craig Dempsey, the CEO and Founder of Biz Latin Hub. He emphasizes that the journey is challenging, often feeling like having your head in a freezer door, slammed daily. As you grow successful, the challenges persist but refine.
That and more on today’s Entrepreneur Story.
What are three things every entrepreneur should know?
The first reality of entrepreneurship that Craig highlighted was that it is a difficult road to travel with plenty of challenges along the way. Most days it’s like putting your head in a freezer door and being slammed on. As you become more successful the door becomes thinner and thinner, however, each day you’re still slammed.
The next thing Craig mentioned was the importance of knowing your numbers. Of course, if you’re establishing a business it’s important for it to actually be profitable and successful. It’s imperative that you understand the numbers in your business to measure its fiscal success.
Lastly, Craig encouraged entrepreneurs to share the experience with others. The reality is that entrepreneurship is difficult. Share the experience with your employees, other owners, other entrepreneurs, and the like. This will help you find both relief and knowledge.
What problem does your business solve and who are its customers?
Craig’s business, Biz Latin Hub, solves the challenge of international expansion and business establishment for mid to large companies. They provide integrated services combining legal, accounting, and recruitment functions to help these companies navigate and establish themselves in various international markets.
Their services include understanding the local market, establishing legal structures, and hiring employees in multiple jurisdictions. Their target customers are mid to large international companies seeking to expand and conduct business globally, whether through direct selling to the market or by hiring personnel within Latin America and other regions.
What inspired you to become an Entrepreneur?
Craig was inspired to become an entrepreneur after spending a significant amount of time in the military, traveling to various parts of the world. During his experiences abroad, he noticed a common challenge among individuals trying to navigate the complexities of foreign markets, including language barriers and unfamiliar systems, particularly in managing their taxes and other administrative aspects.
Recognizing this problem, Craig saw an opportunity to create a something that serves as a solution to foreigner struggles.
Initially, the focus was on supporting individuals, but over time, Craig and his team realized that there was a more viable business model in catering to corporations dealing with international expansion challenges. The shift towards supporting corporations allowed for a more scalable and less emotionally intensive service compared to dealing with individual clients.
Craig’s motivation stemmed from identifying a problem and proactively seeking to fill that gap in the market, ultimately leading him to pursue entrepreneurship and create a successful business.
Knowing what you know now, how would you have spent a million dollars when you first started your business?
Firstly, Craig would have begun by serving individuals, recognizing the challenge of entering the corporate market without an established reputation.
Secondly, he would have prioritized compliance and infrastructure early on to avoid retroactive efforts and inefficiencies.
Thirdly, Craig would have embraced digital strategies sooner, focusing on online visibility and SEO to attract clients more efficiently and cost-effectively.
These adjustments, based on hindsight, would have optimized Biz Latin Hub’s growth trajectory from the beginning, incorporating valuable lessons learned over the years.
What is your proudest accomplishment as an Entrepreneur?
Craig’s proudest accomplishment as an entrepreneur lies in the journey of building his business over the past nine years. Despite facing doubts and skepticism from others, he persisted in pursuing his vision, firmly believing in his capabilities.
One significant achievement that stands out is his decision to master SEO, an essential aspect for the growth of his business. Craig took the initiative to learn and become an expert in this domain, a feat he takes pride in today.
However, he acknowledges that there’s still room for improvement and growth within his company. Reflecting on the journey, he realizes that certain aspects could have been more efficient and streamlined. He looks forward to the future, aiming to further enhance and optimize his business while celebrating the progress made thus far.
What big goals are you looking to achieve?
Craig values his team’s contribution highly and aims to guide them effectively in the coming years. Additioaly, the company has set a growth target of approximately 50% per year. Craig envisions maintaining this growth rate as a notable achievement.
Personally, over the next decade, he intends to transition to a less hands-on role. He envisions delegating responsibilities and filling leadership positions to sustain the company’s growth and address challenges efficiently. Overall, his goal is to ensure the company operates smoothly with a capable team even with reduced direct engagement from him.
Are you an entrepreneur with your own history, achievements, and goals to share? We’d love to hear about them on an upcoming Entrepreneur Story! Get in touch today to share your story tomorrow.
