So what have I been doing for the past few months?! There has been no Reach Project post for three months, contrary to what most of my friends are thinking, The Reach Project is NOT dead.
I’ve been focused on building my business: Sphinx Solutions, Inc.
Now that I’ve accomplished my business goals for the year, I have crawled out of my hole to share some important things I’ve learned about the reality of being ‘self-employed’.
1. Being Self-Employed Can Be Risky
The key word is ‘can’. A lot of people talk about having an ‘awesome idea’, ‘being a CEO’, ‘having my own business someday’, but how badly do they really want it? I think its very imporatnt for people to evaluate their commitment to the business and the risks that come along with it. If there was no risk/fear/challenge everyone would do it. Building a business for me was a challenge, something positive, something I wanted to do 150%. Once I was committed, I did everything to decrease the level of risk. What made it easier was that I came from nothing, and so had nothing to lose. I know how to live poor, and If I had to sell my fancy BMW and go back to that 1989 toyota corolla station wagon, I’d do it in a heartbeat. Thankfully today, I don’t have those worries. The business is stable, we have several long term contracts and a solid footprint in our sector.
2. Know When To Say No
When you start a company, its hard to say ‘No’ to any opportunity or customer that comes in. I’ve had hundreds of customers over the years, nearly all have been great. The classic 80/20 rule applies here: 80% of your good customers will cause 20% of your problems. 20% of your bad customers will cause 80% of your problems. I’ve been in situations where an $83,000 project will go smoothly with the right customer and doing a $5,000 project with the wrong customer gives me headaches for months. Stand your ground, know what you are worth, and know when to walk away.
A lot of businesses offer everything; there is nothing they can’t do. I’ve realized it is not only important to be selective about who you work with, but also what kind of work you do. Our business does not offer 28 different services. We offer 3 and we are are the best in the industry. That has been a key factor in building our excellent reputation and our ability to hire and keep our employees happy.
3. Good Help Is Hard To Find
A business is just a name with a tax-id; the people make the business. I believe at least 90% of people are in positions they are not passionate about. Anyone that works for my company is 100% passionate about what they do. I have the privilege of working with professionals who have built a great reputation for the business. I do everything in my power to reward them and make sure they are completely happy in their positions. Every person who has been with the company for at least 2 years may take advantage of the Dream-Catchers Program, which rewards up to $5,000 in travel and hotel expenses to any destination. Life is not all about work; I’d like to help people knock a few items off the bucket list.
4. It can be Stressful
I’d be lying to you if I said I only work 40 hours a week. This has been a great year for Sphinx Solutions, Inc. For the past few months I’ve put in some serious hours, and its paid off. BUT my personal life has taken a hit. It was just last month, I got burnt out and finally realized I can’t do everything. I have to recognize my strengths and weaknesses. For example, I’m good at business development, but I don’t know anything about accounting. Now, I could work 40-50 hours/week, and spend another 20 hrs/week to learn accounting OR I can find a person’s whose strength is accounting. Align with people that share a similar vision and combine strengths to build something together. No one person can do it all.
5. Say less, do more.
A good friend of mine has a Iphone App development company called Kadamedia. I’m almost 100% sure that if he had asked his friends and family whether/not he should start the company, he would have gotten a ton of negative feedback: ‘what do you know about iphone apps?’, ‘are you a programmer?’. But I admire him because he is about action, action, and action. Once he decides, he just does it. He hired programmers from overseas, designed the concept of the game, defined the requirements (his strength), and hired programmers to build the game(s) to his specifications (his weakness).
Money is an obvious reward to having a successful business, but has paled in comparison to my personal growth. When you have a business, you’re putting your name on it. You are constantly learning and growing. The results are honest and real.
The day I stop growing and learning is the day I start doing else with my life.
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