Ending chapters

Life is about new beginnings and ending chapters. I can’t think of anything that doesn’t have a beginning and then an end at sometime. Every new beginning comes from some other beginning’s end. That is a quote attributed to the Roman philosopher Seneca, but it is hard to say whether he came up with it or if he was listening to the more beloved philosopher Semisonicus. We may never know who said it first, but the truth of that statement remains.

Not only do things end, but they have to end for other things to begin. So what does this have to do with entrepreneurship?  Well, for those of us who have reptile side businesses that have grown to a size where it is large enough to almost cover the bills, or looks like it might with a little bit more work, there comes a point where a decision has to be made. The side business has grown as much as it can with time dedicated from the margins of your day. And you know it cannot grow further unless it is given your full attention. And you are faced with a decision. The fact is, if your business is not growing it is dying. And by growing I do not mean necessarily in size. It could be in product quality, markets offered, higher technology…Yes, you see many businesses that seem to be holding steady with the same product over the years. But the longer you stay still the more your competition will catch up and surpass you based on the market you have built. So, even if you maintain status quo, you are actually falling behind. So, as soon as you slow the growth of your reptile business because of the time you must spend on your 9-5 job you are making a decision.

Let me step back and give a view of what this episode is about. It is about decisions that we make surrounding letting go. Letting go of the security of a 9-5 steady paycheck. Letting go of a product that was revolutionary when it was released, but is now behind in technology. Letting go of a business that you nurtured and invested in… and are now realizing it may not be serving you anymore. Maybe it never reached the goal you wanted for it and you have to debate the difference between quitting and cutting your losses. Is a turn around right around the corner or is it just falling further into debt? So, this episode is about ending chapters. The chapters that are ending are so a new and better life can be attempted. It may be so a failed idea can make that transition into the realm of being called an educational experience.

I’ll talk about each one of these in the philosophical sense and offer what insight I can. But if you sense that the struggles here are, perhaps more than just hypothetical, then you would be right. I have a rich background in success and being punched in the proverbial gut by a sadistic universe. And I speak from experience for each one of these scenarios.

Let’s start with the simplest. Letting go of a product that has served us well. Every product has a lifecycle. One of my tasks as a Product Marketing Manager for the consumer electronics world was to plan out the entire lifecycle of a product even before it was approved to be developed. Of course, we could always adjust the plan on the fly depending on what happened in the market, but there needed to be a plan going in. Some products were designed to last years and I had some GPS units, during the height of the GPS popularity that had a lifecycle of six months.

Even businesses have a lifecycle. Do you hear entrepreneurs talk about an “exit strategy” when they talk about developing a business? There is a whole group of people that build businesses to sell them. In this case, the entire business is their product. But we in the reptile world often don’t think about it in these terms. We are almost always building the business for ourselves to provide a lifestyle business. That means a business that is big enough to provide a comfortable life. It’s the business where we taper off the aggressive growth after it pays for the vacation home and the private reptile park in the back yard.

Often the single product is the entirety of our business. How many businesses do you know that make one product? Can you see how a breeder of bearded dragons or ball pythons or crested geckos may, very well, have one product? And if that one product is no longer viable, what then? The decision to end of life a product isn’t really usually that personal unless you have no idea what to replace it with and you are a race against time to figure something out before your income hits rock bottom with a declining product sales. When I say it like that, it sounds manageable. But what happens when, say, hypothetically, that you own an international bird breeding business that is highly successful. And then the global pandemic of bird flu hits and airplanes refuse to carry birds. Even birds that are tested and proven to be free of the virus. In this case, the product was the business and a global pandemic removed the only part of the sales chain that could not be duplicated. And with politicians around the world blocking the legal imports to make it appear like they were doing something, the question is how long do you hang on funding what is now your private zoo. Will it lift in six months like SARS? I liken it to holding your breath and swimming under a lake covered in ice. You only have so much money in savings to hold on. If you can hold on until things lift it will all come back to you. But this is a breeding facility. And for it all to come back there needs to be chicks available. So, how many chicks do you intend to have around eating quicker through your savings? Being ready for business means having a shorter life left. Take a breath and swim into the underwater cave in either direction A or B. Direction A is cutting losses. You shut the business down, accept the losses you have right now, but it is recoverable with time. You keep your house. Direction B has success at the end of it and a profitable business, but you have no idea how long you will have to swim underwater. And there is no option to get a new breath. When you run out of breath, or money, which is what we are really talking about, it is over and it is financial disaster. Bankruptcy. The ending to this chapter is not a bittersweet experience where you are saying good bye to an old friend. It is a game of chicken with a universe that doesn’t know you exist and your audience is a family counting on you making the right decision and a bunch of people who prepaid orders that will not ship waiting for refunds of money that had already been spent preparing for those orders which were suddenly prevented from shipping.

So, what did this anonymous person do? Well, I gave it six months to see if bird flu would blow over like SARS did. And then promised myself I’d cut bait. I had to sell the business for a fraction of what I invested and spent ten years financially recovering. And I am lucky to have gotten away with that. Looking back, I can now see that there was no success opportunity that would magically came up. The business was dead before I realized I had to make a decision. So, yes, I had the pleasure of owning a private zoo for a while. I guess there is that.

In conclusion, being an entrepreneur is realizing there may come a time when it doesn’t work. For whatever reason, your fault or act of god, it is time to shut it down. The going was good, but, that was then. This is now. And you come face to face with that sound bite to “never give up on your dreams”.  And you realize that this is a gamble with your financial life. No one knows what the answer is to hard decisions except the people in the future looking back. So I can’t encourage you to push through the hard times and that success is right around the corner. That insight is not for mortals to have. All I can do is let you know that should you ever find yourself in this situation, where you are trading years of being in debt for months of business life left working and hoping for a turn around that you are following in the footsteps of countless entrepreneurs before you. The only right decision is having the courage and strength to make a decision, whatever decision it is, head on, steer the ship into the wave and take the consequences and rewards of that conscious decision. The wrong decision is to sit frozen and wait for the world to make the decision for you.  You may be just a ship on the vast ocean that you cannot hope to control. But at least be the one to decide which wave you are going to head into.

There are times when the decision is more subtle. Perhaps it is a business that was successful, fulfilled a purpose and now, is not what it used to be. Every product. Every business. Every government. Every organization. Everything has its spike, its high point, and the decline. If you need further evidence just consult with the dinosaurs. This has been going on forever!

But the scenario most applicable to your standard reptile entrepreneur is where a business is limping along. It sells just enough that it pays for itself and maybe a dinner out for you and you partner. And it has ben doing this for years with no sign of change. You either do not know how to grow the business, or, more likely, it is not your priority. There is nothing wrong with letting it limp along for as long as you want to carry it. Nothing says you can’t have a hobby that brings in some money here and there. And, as long as the main purpose is to be part of what you do as a hobby, you can keep it live.

But here is where it is time to ask whether the business is truly serving you. If you do not need the money and you do not intend to put more energy into it, make sure, when you hold it in your hand, it sparks joy. Remember, if the side business is not designed to be a contributor to the overhead costs – whether household, reptile, or otherwise –  then make sure it is not siphoning off your energy like a re-occurring subscription you do not use quietly saps your funds on a monthly basis. I see this dynamic in businesses that are being kept alive for ego’s sake. Or with people who do not want to admit it isn’t working anymore.

To this I say, it is okay for businesses to have served a purpose and then have an ending. There is no shame in not living forever. It is not failure to close a chapter. It is actually wise business management. Closing down a business which is no longer serving you allows you the time to look forward and find an alternative that could possibly serve you better. And because you levelled up with the experience points from that last business, your new business has a better chance of success!

Now, the serious chapter ending that many of you will face, is when it is time to give up your 9-5 regular paycheck job and spend full attention on your side business. And, to anyone who has done this, we know it is not a decision to be taken lightly. Entrepreneurship is held up as this golden standard that is for the elite few. And there is something about the word that invokes a touch of mystical awe. At least that is how it bounces around in conversations. The brochure shows frontiersmen silhouetted against fiery sunsets, exploring new lands, and hiking through beautiful mountain passes. It kind of leaves out the mosquitos, days without food because the bear raided the cellar, or the scorpions that like warm shoes at night. So too, it sounds great to go off on your own, but consider having no benefits, not knowing what each month’s paycheck will look like, and vacations? Yeah, right. Not only are they not paid, but you can’t see stopping your momentum by being away for a week or two.

There are some serious, real benefits to being employed. Stability. (At least the perception of stability) is security. And even if you are acutely aware of how your employment is just one random politically-motivated scuffle away from being fired, your spouse very well may have no clue and is taking comfort in the appearance of stability. Making a jump away from the 9-5 when you are single is much easier than when a spouse is involved. Or kids have come into the picture.

When you are younger the job market looks like a potluck with all sorts of opportunities to sample. When you get a bad job you leave. When you have a good boss you stay. You make your 3% annual raises and switch jobs when you think you want a 10-30% raise. Your spending increases with your salary and life is calm. Kids come and you are too busy raising them to pay much attention to add on a side business. I would come home exhausted and have just enough energy to play with kids and put them to bed. The daily routine would be I got home and sat in the recliner watching Teletubbies with my daughter. She would routinely look back to make sure I was paying attention and if I had closed my eyes she would lovingly help me wake up and guide my head to point in the right direction. There really wasn’t a whole lot of energy for thinking about building something different. And why?

Well, in middle management you start seeing the intense politics that drive a company. You realize that 50% of the people in upper management aren’t really there for the good of the company. And their skills mainly lie in figuring out how to avoid blame. And then you see people ready to retire with their pension being laid off just before they would be eligible.  So, for our younger 401k audience, there used to be something called a pension where when you were with the company for a certain length of time you could retire and be supported for the rest of your life. Well, companies figured out that they could get a lifetime’s worth of work out of a person and then lay them off a day before they would be eligible for retirement benefits and the company would save a boatload of money! The closer and closer you got to seeing how the capitalist market worked the more you realized that maybe the system that we all are so comfortable with really isn’t that great. And the one way to make sure you don’t get fired is to build your own business.

So, why is it that so many of us with ideas of building our own business don’t do it? Why is it that it takes us losing our job to be inspired to actually start that business? It is interesting listening to the entrepreneurs I have had on this show. What was the catalyst that drove Josh Willard to be more successful and happy building Josh’s Frogs than he would have been as a counselor? Or inspired Rick Porter to start his dream of working in the reptile community. So often, it is our job disappearing and we figure now is a good time to do what we want to do.

So…why do we wait until our 9-5 job gives us permission to go off on our own by kicking us out? And this is in no way a criticism. It is realizing the dynamics of our life. Having that standard 9-5 job is security. Although we know we could lose it at any time, everyone is comfortable with the concept. Go to work…do your best…bring home paycheck. Husbands, wives, parents, in-laws…all the people that matter to us understand this system. And even though it really isn’t as secure and safe as we make it out to be, we are all secure in the dynamic. It is the thought that what I have may not be the best situation, but it is familiar and comfortable. Going off on your own isn’t comfortable. And, no it isn’t an easy decision! I love these advisors that say to not replace your main job with your side job until the side job matches your 9-5 job salary. I do know some people have been in the situation where they had that luxury, but I think the more likely situation is that you realize your side business can’t grow anymore unless you give it your full attention and you hope that you can build it fast enough to the level you need before the savings run out. I know that scenario much better. And, that is not an easy situation.

I know why I waited. Going from a consumer electronics manager level income with full benefits and paid vacation is not that bad of a jail. I have a quote attributed to Kevin O’Leary that says “A salary is just the drug they give you when they want you to give up on your dreams.

“. It is meant to rally your resolve against being held down by the cushiness of having a consistent paycheck and send you galloping off to building your own business.

Well, I can attest that if you have a good job that fulfills you and pays you a salary that provides for the life you are content with and offers health benefits and sends you off with paid vacation time every year…am I really being a hero to jump into not knowing when the next paycheck will arrive and how much it will be for? And figuring out health insurance as a sole proprietor? And good luck with any meaningful vacation or break. Did I mention working twice the hours and twice as hard? So, it is completely understandable why you stick with a 9-5 job! If you are truly happy and your needs are taken care of – what are you trying to accomplish by changing the situation? In fact, I actually left a 9-5 to do my own thing and then went back to a 9-5 when the job was exciting. I was going to be creating an entirely new category of personal wearable theaters. That was exciting! And it was worth going back to being employed. But things changed after a year or so and things took a turn for the worse. Luckily, I had my back-up.

This podcast is for people who are not happy with their situation…examples bad work environment, politics, management keeping you down, your experience exceeds what the company values. You actually want more security for your life…

So, when is the right time to close the chapter on that regular paycheck job?

And here is where it gets hard. You have likely expanded your living expenses to fill what your salary allows. So taking a 50% cut in pay isn’t a fun thought. You might have a family you are supporting. And, while you may be fully willing to tighten your own belt, how do you explain that to kids? Or have that conversation with your spouse who really likes the perceived security of that regular paycheck and the comfort being able to fund a Starbuck’s lifestyle brings? It takes a lot to get over that hump and make that decision. Being laid off makes it easier. Now you building a business breeding snakes to make up for the lost paycheck is a heroic effort instead of putting your family through hardship for your selfish feeling of self-fulfillment.

I make it a point not to encourage people to leave their 9-5. Because it is not like swimming in a lake where once you are brave enough to jump into the cold water you warm up and can have a lot of fun. No, there are too many failures and those consequences are real. Only you can decide to take the risk and put in the effort to make it happen. But this is what I will say.

Listen to the people who have come onto this show. Josh Willard started Josh’s Frogs, in part, because of the loss of his brother when he was young. He realized life was short and there were no guarantees. Alex Menke shares how his father regrets not starting his own business. Of course, there are risks. And there is a learning curve. Some people get lucky and make it on their first go. Some people are the statistic and fail nine times before getting that success. Some skill, some luck, some tenacity. Dig deep and figure out why you are thinking about starting a business in the reptile community. Is it a passion to where you are willing to go through a long dry building stage before things become profitable? You may or may not have that long dry spell, but don’t go in assuming you won’t!

So, when is it time for you to close the chapter on your 9-5 steady paycheck? That’s for you to decide. You know the finances. You know the support system. But I do know that there will, most likely, never be that perfect time. If your side job just exploded and you are replacing your paycheck right away then more power to you. Decision made. But, more likely you see your side job has serious potential. It starts bringing in money that you see as scalable. Which means that the income can be increased. And you know that to take it over the finish line you need to spend full time working on it.  So, what is your threshold for making that decision? I am hoping that through listening to the entrepreneurs on this podcast you’ll both be inspired and take away insight into what worked for others. I hope you are surprised by how easy it is to start bringing in money, but also respectful of how long it takes with hard work to build that into something substantial and family supporting.  And know that this isn’t black and white. You can have a side business and a 9-5. And you can keep that for as long as it serves you and your family. But I do want to provide to you the podcast I wish I had when I started this. When I first knew I needed to create a space of my own in this community I love. What you need for your life and your happiness will be unique to you. On this show I will consider my job a success if I have given you the tools for you to build what will fulfill you. A YouTube channel? A breeding business? A product based business? Well, that is up to you. And, I, for one, am excited to see what you come up with. Let me know, okay? I have gotten to a place in my life where it isn’t about listens or followers. I am deeply grateful that I broke away from the norm when I did. It was when there was still enough time to make some mistakes and learn from them. And, no, I have not achieved what I would say is my end goal. But I still have a few decades left to make it happen. No, this is about providing information and inspiration to people so that, if someone deeply desires to build a business in the community that fulfills them that they will have the tools they need. And providing those tools is a job I know I can love.

Thank you for joining me here today. If creating a business of your own in the reptile world is taking care of yourself then this podcast is the place for you. And if you see the reptile community as something that needs to be nurtured to grow up strong then you are in the right place. And if you are excited to get your hands dirty to see what we can build then I am grateful we share a community. Have a great weekend, and I will see you next time.