How a marketing pro went from employee to 7-figure entrepreneur

Scott Krady wasn't sure he could turn his side hustle into a full-time one when he took on a few marketing ventures to supplement the income from his job in marketing.

But today, he brings in over $1 million in annual revenue for what has become Magnitude, Inc., a full-service marketing communications and consulting firm in Irvington, New York

Acting as an outsourced marketing director to early-stage, mid-market, and growth companies, Magnitude has attracted clients in industries including cryptocurrency, artificial intelligence, and business consulting. of disputes. Krady built the business to seven-figure revenue as a solo entrepreneur, relying on the help of a team of experienced contractors, and recently grew it to eight traditional employees. .

Krady's story offers a crash course in transitioning from corporate life to running a professional services firm. Here's how he pulled it off.

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Give yourself time to learn the ropes. Krady dipped a toe into running a business when he took on a few freelance ventures in 2018. At the time, he was working full-time at a company where he created integrated marketing and communications campaigns. p>

When he left after eight years, he tried to consult for a year. Concluding that it would be easier to win B2B customers if he officially started a business, he formed an S Corp, but the time was not right to go all-in. He worked for an association for a year before finally deciding to take Magnitude full-time in January 2021.

Don't do everything yourself. Early on, Krady hired contractors to help him. "I wanted to offer everything I had offered as a marketer: content strategy, communications, consulting services," Krady explains. "To do this on a large scale, I knew I would have to get other helpers soon enough. I couldn't do it myself."

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Krady used his network to find subcontractors. Fortunately, like many seasoned business professionals, he had established strong relationships in his industry. In addition to his marketing work, he had previously been a reporter for Fortune magazine. As a result, he was able to quickly find the talent he needed. "It was a combination of people I worked with and met along the way," he says.

Krady chose to work with experienced talent. Ensuring the agency can operate at a high level - whether a client is seeking media placements, strategic direction, brand building or client engagement - makes a big difference in attracting and retaining clients in a competitive industry. “You want to feel comfortable that you can reach,” he says. "In the world we live in, there's a lot of pressure to perform and deliver, and deliver enough."

Use your network to grow your business. Having strong relationships also paid off when it came to finding clients. When Krady mentioned his new venture to his contacts, he was quickly referred. Many of his early clients were startups with tight budgets. Gradually, he also found bigger clients. Most of them chose to put his company under mandate.

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"I've always been afraid of failure," says Krady. "I was my own harshest critic. What I learned is that a big part of success is being able to connect with people. We take the time to listen and understand the pain points customers, so that we can serve as a true partner to their organizations to help them achieve their goals."

As of November 2021, Krady was on track to generate $1 million in annual revenue with an all-outsourced team, serving clients in industries including technology, healthcare energy and utilities. financial services. Now he's outpacing that, and with steady cash flow, he's moved to a model where he has five full-time employees in addition to a team of regular contractors. It has helped him achieve the balance he desires as a husband and father.

Although it took him a few years to leave the corporate world behind, he has no intention of returning to his old life. “If you're in a business, you're always worried about making a mistake that will cost you your job,” he says. "You're almost afraid to rock the boat and speak up. At Magnitude, Inc., he is free to experiment and be as creative as he wants when serving his clients. "It's exciting and scary at the same time," he says.

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