Don't Give Up, Learn From It

In 2017, I tried to start a business, Poplar, LLC.

It ended up failing. Why did it fail? Probably the biggest reason is that starting a new business always takes more capital than you think. And if you don’t invest in the right things at the right time, you could run out of money, and it is best to close the business. Having enough capital is rarely an option when you start a business, so you have to have a backup plan if things go awry. If you don’t have a backup plan, then you have to shut down the business.

The business was renting out a camper on Airbnb near the Grand Canyon. It ended up making revenues, but in the end, it had to be shut down, due to not having the necessary permits related to the business. In particular, I needed a Commercial Use Permit from the National Park Service to be able to deliver the camper inside the National Park. I learned a lot about permits, and the National Park Service during this time.

It ended up that I needed to cancel the bookings that would have turned the whole operation from Red to Black. So, while it did make revenues, I never was able to earn that money back. As I had spent a lot of money on getting everything I needed to put in place, there was no going back. It had to be shut down.

Instead, I had to go back to work and find a job again. Wow, was that tough! I was onto something big. If only I could have had the permits, and the permits weren’t allocated on an annual basis for the next year! Ah well, such is life.

Lessons Learned On That Failed Venture

• Keep your day job - this helps you be able to funnel more money into your operation

• Set a business operating budget - don’t just keep putting more money into a losing operation

• Know when to quit early - set goals for the business, and if it doesn’t work, cut your losses

• Make multiple income streams - if one income stream is small, start a second income stream

• Double down on the income stream that works

• Drop the income stream that is not working quickly - but give it a fair shot

• Read “Rich Dad, Poor Dad” by Robert Kiyosaki

• Study “Rich Dad, Poor Dad” by Robert Kiyosaki

• Delegate tasks as much as possible that can be done in a cheap fashion

• Own the tasks that can affect the customer experience in any way

Take 2: Red Rock Outfitters

It’s been five years since that last venture. In that time, I have done a lot of reading. I moved all the way to the other side of the country, to Virginia. I learned and studied what I did wrong. I am ready to go at it again. I have started another venture. This one is similar but a little different.

Finance

The biggest thing is that I have zero plans to quit my day job. That money keeps me fed, and puts a roof over my head. I will continue to keep my expenses low, which allows me to fund the business with that money. This money will be made as a Personal Loan to the business that will allow me to fund the operation. The next thing is to get a Business Tax Advisor that specializes in small businesses. I could have saved a lot of money if I would have done proper accounting and business expenses. Having a Business Tax Advisor can help me understand how I can maximize the tax benefits of owning and operating a business.

Market Trends

Taking a look at the market trends, the obvious thing that is different from 2022 and 2017 is that we have gone through the COVID-19 Pandemic. That has had many changes in all facets of life. The biggest thing that changed relating to both businesses (Poplar & Red Rock Outfitters) is the flexibility in Remote Work. In 2017, it was rare to find a Remote Job. They were out there, but it was estimated to be in the single digits for Digital Nomads. It was a novelty and revered for the person who was able to convince their boss that “they didn’t need to show up to the office” anymore.

Having more flexibility in remote work is good for business. Taking a trip in a luxury camper to work remotely nearby a National Park or travel a bit and “get away from it all” while still working is the premium version of “work - life balance”. Since the Pandemic, outdoors activities has taken off. In 2021, it was estimated that there was 7 million people who went camping for the first time! Now’s a much better time to start an Outfitter business than it was in 2017.

The final thing about the market is that right now we are seeing a four-decade high for inflation. People are sick and tired of paying too high of prices for everything. That includes buying a camper. All of those new campers are going to want a glamping experience. They are not going to jump right into “roughing it.” And camping is a relatively cheap activity…that is, if you have all of the gear that you need.

And finally, buying a camper is a big investment. If you are really serious about the outdoors and like to travel a lot, it’s a cheap alternative to the hotels. But, you need to travel that much to consider the investment in purchasing. All this adds up to a simple formula:

more campers + high prices + provide equipment at a fair price = a good time to start

Multiple Products

Start with one product, and then grow. Plant the seed, and water it. See if it grows. If it doesn’t, then plant another seed. One should try to plant a seed a month. The first one is already decided. Now, it needs to be planted.

The Founder's Guild

In the past few months, I have been wrenching on new ways to make people learn. Learn the stuff that they need to become successful at their jobs. Learn a new skill. Just learn. All of the current options suck. I have tried a lot, and there is not a lot out there that meets even close to the demands I seek in terms of learning something new.

I want people to start learning instead of consuming content. I want people to build origami instead of watch someone build origami. I want people to be able to do useful things: some for fun, some for profit (if desired). I want people to learn.

As I go down this path, I see that I am fighting an uphill battle. So many smart people already, but too often, they focus on one particular area without exploring the depths of their knowledge. They need to learn something new, without asking their boss for the permission to take a week off for education. Or maybe more importantly, learn what is new? Or maybe a better question is: what is what should I learn today?

We can't spend all day learning, so we need to make the best of our time. How do we do that? 

That is what I need to find out. So far, there have been no subscriptions to The Founder's Guild, but I have not forged a plan that is ready to do my most fearful task: marketing. I know a miniscule of this. I want to learn, but I fail in this. I have not learned enough in marketing. Hence, my failure so far.

That will bring in the first customer. Hopefully.

https://founders.ventures

When you meet someone you really enjoy

Every once in a while, you meet someone that you really enjoy. Then you think, "What does she think of me?" It doesn't matter, TBH. If she is interested in me it can happen. I did my part!  I hope! Or, if I didn't, then, my bad, and I failed. At least I tried to give it a go. That's all that matters.

Plan a sabbatical

Everyone should take regular sabbaticals.

Before you scoff at me, I want to acknowledge immediately that not every one can do this. There are circumstances beyond your control that prevent you to take a sabbatical. This is understandable, and frustrating. For those of us fortunate enough to do so, let's talk about what it takes to make a sabbatical. It might be more possible than you realize, but you need to put a little less in your retirement account.

For me, it takes 5% of my paycheck to take a sabbatical every five years. That money will do nothing except sit there, preparing for my next sabbatical. 5% is not a lot for me. Here is the best part, though. 5% of your paycheck is all you need to take a sabbatical every five years for three months. The unfortunate reality is that many of us cannot afford to sock away 5% of our paycheck on a sabbatical. Because of bills, debts, and the cost of living. I get that! Then, you should ask yourself if there are major decisions you can change in your life. Can you get a roommate? Can you sell your car? Can you change any commuting habits? Take your largest expense, and ask yourself, how can I get 5% of my paycheck back. It is most likely your living situation that has the biggest wiggle room.

Once you have a plan how to afford that 5% setup a bank account for your Sabbatical or take cash out of the ATM, and stuff it in a coffee can. Your goal is to save up 6 paychecks, which is 12 weeks or three months.

If you save 5%, you can save one paycheck in 20 paychecks, or ten months. Ten months * six paychecks is 60 months. In 60 months, or 5 years, you will be able to quit your job, and pay all of your bills for three months.

If you can figure out a way to lower your expenses during that three months, such as not having to pay rent, for example, you can easily take that three months worth of savings and trasform it into five or maybe six months of a sabbatical.

If you have a bike with some saddlebags on it, and you go bike touring for one week, how much money would you spend? How much money would you save?

Everyone needs to take a break throughout their life. Every five years, people need an extended break for reflection, and focus time. It is best to take that time all by yourself, or with your life partner. Don't make it a party. Make it a time to find yourself in what you do and what you want to do. 

5% is an arbitrary number. The formula is simple. If y is how many years you need to save, and m is how many months you want to take off, then you can easily play around with the numbers with this simple formula. 

If you want to take off m months every 'y' years, then you will have to save 9 * m / y years. So, to take three months off every 5 years, you would come up with 9 * 3 / 5 =  5.4%. The actual math is really 8 1/3 instead of 9, but the difference is neglible to coming up with a simple formula.

What is your sabbatical goal? 

4 months every ten years?

9 * 4 / 10 = 3.6% a paycheck

 3 months every four years?

9 * 3 / 4 = 6.75%

12 months every four years? 

9 * 12 / 4 = 27%

Your time is valuable. Recharging and resetting everything is the key to mental wellness. Take the time to take care of yourself, so always remember to sock a little away for that Sabbatical. 

Amother post will talk about setting up yourself for success in the Sabbatical. This of course means that you need to think about how to leave your job and find a new job. So you need that plan in place before you take off, which is the key to a successful sabattical. 

Founders Guild Pilot

We have a new era. We have an abundance of ideas. We have a lot of people with great skills and ideas. We are able to connect to everyone everywhere, it seems. Imternet access is growing everyday. People are disenchanted about working on other people's ideas, and want to work on their own ideas.

I aim to fix those problems.

When you have the team it takes to solve a problem, you can dream big. When you do it on your spare time instead of quitting your job to make it happen, you lower the risk profile. You can iterate and test your ideas without worrying about the time component.

Most startups fail not because of bad ideas. Most startups fail because they run out of time or money or they did not try enough ideas quick enough. 

If you provide a counter at for startups to try more ideas (through education), more time (by forcing you to do this on the side without quitting your job(, and without running out of money (because you did not quit your job), you have a higher chance of success than those that take a leap to be an entrepreneur without validat d assumptions. 

The Founder's Guild can solve this problem. The Founder's Guild is a way for you to build your dreams with a great team. 

 The Founder's Guild is now open. Join the Guild now. If you are not ready to start a startup, then join the Founder's Guild Book Club.

Fight, get mad, then get over it

In the past few years, I have had many life changes that have shaken me to my core. These life-changing events have made me learn new habits that questioned my core beliefs. As a result, I have understood that the most important thing that everyone must do is:

1. Fight for what you believe in
2. Get mad when it does not go your way
3. Get over it and move on

Each one of these steps comes with a set of new problems which take time to adapt to. Each time you encounter these large changes, you need to ask yourself, is this what I believe in? And if the answer is no, then you should probably stop what you are doing and fix the problem. If the large change is something that you do believe in, then you must ask yourself how to change and who you will hurt in the process.

Sometimes, it can be more damaging than you imagined. In those times, you must keep your bearings and wits about you, and constantly remind yourself, silently, that this life-changing event will pass, and you can move on. But getting to that point is hard. Especially when it is nothing except you telling yourself what you want, need, or desire.

Upon your arrival at a decision point, you need to stand firm in your decision. Wavering on your decision does not help anybody involved in your situation. So, make a stand, and then keep going on with the plan. When I say, plan, I don't mean you have a ten-step plan, it means coming back to your core beliefs. With your core beliefs in place, is this the next right step to take for me to achieve my goal? That is all the planning that you really need.

Once you make decisions, you do not need to tell everyone why you made that decision. It only needs to make sense for you. In fact, the less you can tell others about why you made the decision, the better off you are. The more you tell people, the more they question why you made that idea, and they often times feel a need to impress their own opinions onto you to show you why this is a bad idea. Some will be supportive of your decisions, but most will not understand.

Fight for that decision

Once you have made the leap in a life-changing event (such as ending a bad long-term relationship), do not waver, and do not dilly dally. Now is the time for action. Talking about it will actually delay your ability to complete your new life, and it is hard for most people to live in limbo for a long time. Most people crave stability and certainty even over confusion and possibility. So, drive hard to the goal line on your task, as soon as you can.

Get mad

Sometimes, your decision will not render a good end state for you. You will have been disappointed in your inability to make the leap to the next level that you hoped for. Only to find yourself in a new hole that you did not plan for or anticipate. Get mad about it, but you cannot let the disappointment consume you. You have to consume the disappointment and live with these decisions that you made. Refer back to your core belief system. Are you still on track with your core beliefs? Then, you should not fear the outcome. More often than not, this comes through as an attempt to do something, and you failed. And failure is an option. It is the most common result of attempting something.

Get over it

Now that you have tried, and if you have failed, get over it. Try again.

Adapt. Overcome.

Adapt. Grow.

Adapt and Grow