"You need to have some fire in your belly to be an entrepreneur" with Betty Brennan

Betty Brennan has led the Taylor Studios team since 1991, creating timeless exhibits for museums, nature centers, and other organizations across the country. She has coordinated and facilitated over 700 projects in the last 29 years ranging from $500 to over $3 million each. She’ been highlighted in Inc. Magazine 2020 Female Founder’s 100, featured in Success Magazine, nationally recognized on the Inc. 500 and Inc. 5000 twice, regionally famed as an Outstanding Woman You Should Know by local media, and published in a confetti of other resources. Under her leadership, Taylor Studios continues to innovate and thrive in the exhibition industry.   https://taylorstudios.com/

Can you tell our readers about your background?

I grew up on a midwestern farm where I learned hard work and grit. I also fell in love with the outdoors and horses. I decided a business degree was the best way to afford horses of my own someday, plus I like business. In 1989 I graduated from Southern Illinois University with a BS in Marketing. I went on to graduate school and received my MBA from Missouri State University in 1991. I immediately attempted to start my own business. There were a few “real jobs” in the beginning to help pay the bills. Now for almost 30 years I’ve been running Taylor Studios, Inc.

What inspired you to start your business?

Early in my college days, I realized that I wanted my own business someday. During college, my co-founder worked for a taxidermist who was contracted to make trees for a nature center. This led us to realize there was a whole industry that built exhibits. How cool is that?

Where is your business based?

We are based in Rantoul, IL. However, we have completed projects in 44 states and four countries. 

How did you start your business? What were the first steps you took?

Before Taylor Studios, we started making artifact and fossil reproductions that we sold randomly. In 1991, I started a business that created interactive computer programs for museums. When that didn’t take off, my partner and I decided to combine our skills and make a go at Taylor Studios together. I had the business skills; he was an artist. It was a great combination. Those reproductions led to a mail order business, which gave us one of our lines of revenue while we built up our reputation for fabricating exhibits. We also did interactive multimedia in the early days.

What has been the most effective way of raising awareness for your business?

Doing good work and treating our clients well has led to repeat business. Today, 65% of our business is from past clients. 

What have been your biggest challenges and how did you overcome them?

There have been many challenges over 30 years of business, and they’ve changed over time. In the beginning, cash flow was always a struggle. To overcome it we built great accounting controls, pursued our accounts receivables with a vengeance and eventually got a credit line with a bank. As the business grew, building process and procedures became the next challenge. This is an ongoing challenge. Today we are developing an intranet knowledge base where we can constantly update our processes and give immediate access to the staff. Recruiting and retention is also a big challenge. Once again this is constant. We currently do an employee survey and a cultural survey during our yearly strategic planning. Where scores are low, we give attention and constantly improve.  

How do you stay focused?

I create a weekly to do list and attempt to work on what I think will have the biggest impact first.

How do you differentiate your business from the competition?

We are a combination of art and business. In an art related field our processes differentiate us from the competition. Our clients can count on us to be organized, maintain quality control, and get projects done on time and in budget.  

What has been your most effective marketing strategy to grow your business?

Compared to the competition we have a robust on-line presence. This includes being active on many social channels, blogging for over a decade, providing great free resources and direct mail communications. All of this improves our lead generation. 

What's your best piece of advice for aspiring and new entrepreneurs?

You need to have some fire in your belly to be an entrepreneur. The passion for what you do will get you through the inevitable bumps you are going to have along the way. Grit and perseverance are key. Don’t give up. Eventually you will develop high stress tolerance which will help you to continue to grow your business. 

What's your favorite app, blog, and book? Why?

There are too many apps for a favorite.

I like the blog Farnam Street and read it regularly. It offers diverse content from a wide range of disciplines, including business. Its goal is to help you think better, perform better, and live a better life. I also read Seth Godin’s blog for his timeless marketing and life advice. 

My favorite book is Atlas Shrugged. It celebrates the entrepreneur and the individual. It shows a meaningful life can be achieved through virtue, hard work, and reason. People’s good intentions don’t always lead to good government policy. 

What's your favorite business tool or resource? Why?

My phone is an essential tool in running the business. I can travel, not be in the office, and still keep my finger on the pulse of things.

Who is your business role model? Why?

I don’t have a stand-out business role model. It is many. I read a ton about other successful people or businesses and glean something new from each of them. 

How do you balance work and life?

Work is part of life. It brings many rewards and fulfillment. There are times when I need to devote most of my time to it. However, I’ve always taken vacations and time off. Now that I have a great leadership team, I work less hours than I did in the early years. I have horses, a dog, and cats. Taking care of them daily brings some forced balance. I don’t think about work when I’m trying to stay on a horse.

What’s your favorite way to decompress?

Horseback riding is my favorite. However, I have many hobbies and things I enjoy. Taking care of my hobby farm gets me outside often. Nature is healing. Reading is also relaxing.

What do you have planned for the next six months?

We have been fortunate during Covid to have had a pretty good 2020. 2021 is still up in the air. Covid really hurt my industry. If sales end up being lower in 2021 we have plans on how to be more efficient, we conserved our cash to keep everyone working, and have overhead projects prioritized if we have less billable work. Of course, we’ll work extra hard on growing revenues.

How can our readers connect with you?

My email address is bbrennan@taylorstudios.com. You can also find me on LinkedIn.