8 Lessons Learned in Setting Up Faia As A Consultancy
Faiā was founded in Singapore in 2019 by George Siosi Samuels, with a single mission of bridging gaps between communities and technology.
The company was initiated to be a consulting agency helping blockchain enterprises with community growth & management. In a matter of weeks, Faiā had already secured its first client while vetting other prospects and validating its market niche even before the company would create its official website or social presence,
The company has since magnified its presence on the backdrop of the following lessons learned.
Call it reputation, goodwill, or word of mouth, all of it acts as a major way in spreading the word around your business. The work ethic of Faiā founder, George, and the connections he developed over the past few years, helped him to be referred by a lot of people. Having a reputation and a positive brand image goes a long way to creating opportunities and attracting better quality prospective clients.
Community involvement ties a brand to its major audience and helps you stand out amongst peers or similar businesses. If you have been proactive in a community, people take notice of you and trust you to not only provide them with credible service but also know the ins and outs of the problems they face.
Since George had already been in the Bitcoin space since 2013, having worked with the Bitcoin Cash Fund and then with Bitcoin (BSV), it has helped with Faia’s brand credibility and social-proofing when it comes to community-building within the blockchain space.
Selecting a Niche
Being more focused (e.g., blockchain + community ) helps the company's team know what events to go to, what news to follow, what competitors to track, and how to stand out. Having a tunneled vision, in a sense, keeps you away from all other possible distractions.
Fill the gaps
By selecting a niche, Faia was able to pinpoint problems that the community was facing and started targeting those to fill gaps. For Faiā, those gaps were the people-side (community) of technology (blockchain) ventures. There continues to be a myriad of issues in the space around marketing, user acquisition, and good community management.
Faiā has every intention to branch itself out of the blockchain space in the future, but, for now, the focus is on a growth sector where it knows it can provide high value. By focusing on your key strengths and making them your unique selling points, you'll be in a much better place than if you tried to juggle 6 things at once.
Keep that day job
George kept his day job as he did work in the night within the blockchain space. He observed, researched, and figured out the gaps to fill before he took a leap of faith. George originally planned to finish up at his previous corporate job in March 2019, but opportunities presented themselves much earlier to be able to pursue them ahead of schedule.
Magnification over scale
There’s a lot of advice out there about what you should or shouldn’t be doing. What matters more is that you know your own strengths and weaknesses and find a business model that will help leverage your strengths. George is a people person, so a consulting/agency model suits him because it’s: (1) project-based and (2) involves a lot more people/service work. Consulting/agency models aren’t known to “scale well.” However, according to him, if that were true, the world wouldn’t have the Big 4 consultancies such as KPMG, EY, Deloitte, and PwC. George says, "So whenever anyone asks me, “so how do you plan to scale?” I respond - we don’t scale, we magnify.”
One of the things working in Faiā's favour right now is its short name, which is descriptive and easy to remember (sounds like fire). George says he was worried that people wouldn’t be able to write the ā, but he has noticed people easily writing or copying it on emails or LinkedIn messages when making introductions. When you have a short and sweet brand name that people can remember, using alliteration or metaphors, you have a way for people to connect on an emotional level. This can then lead to a sense of identity, which then leads to loyalty.