My Step-By-Step Process To Building a $1M+ Business

A Journey Through Entrepreneurial Growth: Insights from Sam's Experience with Hampton

It all started with a moment of contemplation as Sam gazed into the mirror. Reflecting on his nickname, "the vanilla gorilla," he knew that his new business idea needed to resonate more profoundly. This year, he launched Hampton—a community-driven platform for founders generating $2 million to $250 million in revenue. The choice of the name was deliberate, with elements drawn from his past, specifically streets in his hometown of St. Louis. But what led him to this entrepreneurial venture? Let's uncover the layers beneath this promising startup.

The Idea Maze: Paths Considered Before Launching Hampton

In this entrepreneurial journey, Sam encountered numerous paths before settling on Hampton. Acknowledging that unsuccessful ideas are often hidden on the cutting room floor, Sam openly shared his experiences and the paths he rejected:

• Short-Term Rentals: Initially intrigued by the Airbnb market, he invested in a property only to discover it didn't align with his strengths. Despite the potential profitability, the reality of managing rentals proved to be unappealing.
• Trucking Business: With a passion rooted in his family background, Sam contemplated a trucking business aiming to create a community for truckers. However, after experimentation, he realized that his interest was superficial and faded quickly.
• Targeting Marketing Executives: Early attempts to form a community around marketing executives fell flat, as the interest and willingness to invest were lacking. This experience underscored the importance of identifying a viable target market.

Through trial and error, Sam navigated the idea maze, leading to the successful inception of Hampton.

The Structure of Hampton: A Unique Peer Group Approach

Hampton is not just any business; it's built on the premise of establishing meaningful peer groups for founders. Here’s a breakdown of its structure:

• Intimate Meetings: Participants are assigned to groups of eight, where they share insights, present portfolios, and critique each other in a supportive environment.
• Digital Community: The platform also offers a vibrant online community where members can seek advice and share experiences, ranging from personal to professional queries.
• Dynamic Events: With over 200 events a year, including retreats, the community is continually enriched with opportunities for networking and growth.

This unique structure draws inspiration from established organizations like Chief, YPO, and Vistage, paving the way for a cohesive experience designed to foster growth among entrepreneurs.

Challenges in Identifying the Right Market

Finding the right target market was no walk in the park. Sam faced numerous challenges during this phase:

• Failed Attempts with Executives: His initial approach to cater to marketing executives failed after several outreach efforts demonstrated a lack of interest.
• Trying to Target Doctors: The idea of creating a community for doctors met with resistance, showing him that the healthcare industry might not be the best fit for his expertise.
• Exploring Underrepresented Minorities: Although acknowledging the underserved nature of this community, he recognized a disconnect between his own identity and the target market, ultimately deciding not to pursue it.

It was through persistence and revisiting the drawing board that Hampton emerged as a community for CEOs—an idea that fit right in with Sam’s experiences.

The Significance of Branding

A pivotal moment in the formation of Hampton was Sam’s decision to hire a branding agency. While the investment—$155,000—seemed steep, the insights gained were invaluable:

• The Essence of Elite and Cheeky: Sam aimed to encapsulate the brand's personality through core messaging. Inspired by Felix Dennis’ writing style, he created a brand document focusing on the feel of the brand: elite yet approachable.
• Color Scheme: Infused with personal preference, the branding document included his favorite British racing green, evoking a sense of prestige and exclusivity.

This comprehensive approach to branding emphasized the necessity of a strong visual and thematic identity for Hampton.

Final Thoughts on the Process

Sam’s entrepreneurial journey with Hampton reveals the trials and tribulations faced by founders. From the critical decisions related to naming conventions to the importance of target market alignment and effective branding, each step contributes to the overall narrative of the business. His openness about the paths rejected serves as a powerful reminder that success is often built on a foundation of failure and learning.

As Sam continues to grow Hampton, his experiences resonate with aspiring entrepreneurs everywhere, emphasizing the importance of resilience, authenticity, and continual adaptation in the ever-changing landscape of business.