7 Big Ones: Learning Lessons As You Go Off On Your Own

Thank goodness for beach life!

I posted this picture last night on Instagram. We always talk about how looks can be deceiving. It's true. I'm living an authentic, happy life. However it is far from as easy, breazy as it looks most of the time.

You don't see the hardships. Or know why I'm down at the beach on a walk with the pup. How does this fit into lessons of being an entrepreneur? Here's some of the story.

Silicon Valley startups and I broke up. Don’t cue the tears.

It was easy to get over those breakups. It’s a cinch to say goodbye to toxicity, right? Harder to say goodbye to the cushy paychecks. But you must give and take.

As someone who has consulted in the marketing/PR area since literally college, it’s in my blood. Seriously, in 2010, I handled PR efforts with a salon opening in the prestigious Bee Cave neighborhood of Austin; it was named a Top 100 Salon in ELLE the same year! My mom and aunt both owned companies, so I watched strong, powerful women make a very nice living this way.

It was always a goal of mine. For some reason though, it seemed like a dream. But no! Pieces fell into place. The universe said it was my time.

Madhouse Media, formally registered in 2018, has been in business full-time for four months now. Setting off, I gave myself six months. Then people stepped in, saying a year was required. And guess what? I actually listened. Even better, it’s happening! Launched at 30, and at 31 my dreams are coming true. I couldn’t be happier that it’s working. However there’s lessons both big and small to learn along the way. The devil is in the details, right?

Remember these steps when setting off on your own venture – no matter what industry!

First and foremost, you can.

People will call you crazy; let them. Being very close to my family, my parents – especially my engineer, Managing Director dad – thought I was genuinely crazy. It didn’t compute that I wouldn’t have a regular paycheck, would be spending an arm and a leg on COBRA, and was willing to dip into savings to make it happen. He would ask about job searches daily. To which I’d respond, “Don’t you mean how is my business doing?”. Then the tide turned. My mom started giving me advice, things she did when she first set out in consulting; although she was a biologist, it made me feel good that she not only saw this was not something I’m easily stepping away from but also that she believed in me.

That belief is powerful. At first it felt like I had to hide what I was doing, like I shouldn’t be talking about this big, huge dream. You’ve read the books; half of them say don’t share your dream until it’s real. Well, now, I disagree. It was around Christmas when our large, extended family had more gatherings than I can count. By this time, I had announced my plans and website launch on social media. I can’t tell you how many relatives came up to congratulate me or tell me how brave I was or how happy they were for me. Friends and colleagues had the same things to say.

By putting my plans into the Universe, it produced a network to uplift me. Not to mention the r-e-f-e-r-r-a-l-s.

That B word: Budget.

Any new business needs two things: capital and smarts. Well, I have the business acumen, knowing my stuff when it comes to marketing. The problem? Numbers. I can tell you ROI, percentage increase month-over-month, all the “important” business numbers. Tell me to write out monthly expenses, cut them in half, and then not be paid every other week… we had a problem.

Now, most people would do this before starting their own venture, I get it. This may not be a learning lesson for you. Being right-brained and an Aquarius to boot, it was a big wake up call. Thank god for savings. And software. And a dad who is now on-board. I couldn't be doing this without him. He comes over once a week (after Pilates) for a chat, helping me with things I'm going through. Setting up a business is only half of it; man, I wish I could tell you! Let's just say you never know what someone is going through. Enter Quicken to give me a bit of peace, separate my business and personal finances, and let me know exactly where I stand. I know when bills are due, when I’m getting moneys in, and when I need to dip into that savings. Thankfully with the business I've built, my savings doesn't slip away that easily.

That business also includes renting my beautiful, Rice Military residence out on Airbnb Plus. When I was traveling more than I was home, I thought why not?! Yes I have very nice things - that are safely locked away. Different linens and towels, some investments, and I'm one review away from becoming a Superhost!

It’s ok for your business plan to morph.

You have a pathway of your mission and value statements, SWOT analysis, unique value proposition, plus target audiences and pricing structures. But some things may not be a good fit once you’re in the trenches. Well, you aren’t stuck with it. For instance, I originally wanted to help local businesses with their marketing needs. It’s what I had always done part-time, and already had a salon as a client. However that’s not really where the money is it. Or my expertise. Hello, I’ve worked in tech for almost eight years! Let’s stick with that niche while still helping those local businesses that need marketing know-how.

You aren’t discounting yourself, so don’t discount your work.

Pricing – especially when starting out – isn’t easy. You want to get your foot in the door, but stay realistic about what this project will cost you in both time and resources. My mom’s advice is great: You can always increase your prices just get a few clients under your belt first. Now, I've gotten there.

Start small then expand. Both in rates and scope of work. I pitch either a monthly retainer or follow up a smaller project with a few ideas to keep working with the client.

For larger projects, it’s easy to waste a ton of time on a great proposal – not only full of strategy and tactics, but it stands out, professionally bound and printed. Only you present it and the client is adding numbers page-by-page. You know it’s not going to work. That they want to keep costs down. That you oversold. This taught me to always, always make a potential client give you a budget. Maybe you can work with it; maybe you can’t. Also for any proposal over a certain amount of money, ask for some payment upfront. It can be your hourly rate for writing the proposal. Something to show the prospect is indeed serious. You can even give it back through project fees if they agree to your proposal – or not.

Now you have your hourly rate, but how long does it really take? I’ve quoted people way too low on “small” jobs because I’d forgotten how long one little thing takes within the project, like testing emails for mobile-responsiveness then going back through the HTML code. So now I track time with a program called Bonsai. It also helps with my next topic below.

Always, always, always have a letter of agreement or contract in place.

Did I stress that enough? If they don’t want to sign something, walk away. If they burn you, don’t burn the bridge, simply know you won’t be working with them again. With some that I work with, trading services is big. That needs to be in writing, too.

Keep in mind, you’re starting a business. Living off trades won’t work, as my good friend and client Janelle says. You could do part trade; however, you need some money coming in! And Bonsai (not getting paid to endorse, but I’m open to it – wink wink) helps with creating those contracts. It’s easy to make both a proposal or a 13-page contract that’s lawyer-approved by just filling in a few key items.

For smaller projects, I suggest a Proposal and Letter of Agreement which includes Scope of Work and Proposed Budget with clauses for Intellectual Property, Confidentiality, and Termination. End the letter with a personal note about how you’d love to have their business and if the proposal works, this Letter of Agreement can serve as the contract if both parties sign. I make contracts fair, especially for smaller projects when the client does not know me. This is something like signing the agreement with 50% payment upfront and 50% plus expenses at the end of the contract.

Network, network, network.

In this industry, most work comes from referrals. Luckily, I have an amazing group of smart, fabulous women who support other women. Working with the salon, I already had connections to some savvy women in the industry. But why hadn’t I reached out to meet them? I now look for any opportunity to grab a coffee or lunch - even if it's not a mutually-beneficial relationship. I can’t tell you how happy I am to have this group lifting me up.

Even if it couldn’t be something that directly impacts the bottom line, it's not all about that. I want to meet any and everyone who has been in the same position I’ve been in. Tell me how you started your business; how did you grow; what advice do you have. Right now, I’m a sponge.

It’s funny, my good friend says, “I love networking Maddie”. I support events close to my heart or that peers are a part of, and always walk away thankful to have met someone new.

How will you market yourself?

As a marketer, you'd think I'd have this down. I spend all day getting other businesses in the limelight, handling the digital and print strategy through execution for clients. Well, the short answer is not so much; I hear this a lot from others - once you're done working on clients' jobs, where is the time for your business? Yes, events and meetings with peers is a way to market myself. But now it's time to deploy the big guns for more traditional marketing.

One trick that's handy is blocking off my calendar to work on certain projects. An old boss literally would Skype me to ask if a real or fake meeting was on my calendar when trying to schedule something. So sections of my calendar are still blocked – and now Madhouse is listed as a project.

The website is up, and I’m adding to it daily. Yelp reviews are coming in (even if they aren't "recommended; can we talk about how much their algorithm sucks?). A LinkedIn and Facebook page, done - though I need to add significantly to them. I’m finally blogging. And now looking at other ways to promote what I do to a broader audience.

When people ask how is it to own my own business, I say it’s both exhilarating and scary at the same time.

I’ve heard others in the same boat say the same. Instead of focusing on how I (or others) have messed up certain things, they are merely learning lessons – ones I hope you don’t face.

What other learning lessons have you gone through? Comment below.