Taking a Leap of Faith and Starting a Business
Taking a Leap of Faith and Starting a Business
Terry has always been interested in the construction industry. He worked for others as a Draftsman, Quantity Surveyor and Project Manager for 17 years but felt he had more to offer. Terry saw a lot of potential and opportunity in the construction industry, especially in regional NSW, where there was a need for more professionalism and capacity. He dreamed of starting his own business someday, but never thought it was realistic.
One day, with an encouraging push, Terry decided to take a leap of faith and follow his instinct. It was the most difficult and exciting decision. We knew we had to take some risks and make some sacrifices. We did a lot of research and planning, to prepare for the challenges and opportunities of running a business. We realised that Terry had something valuable to offer, and that there was a demand for Client-Side Construction Project Management in regional NSW.
Slow is Smooth, Smooth is Fast
With 60% of businesses failing in the first 3 years, it’s a pretty big ledge to jump off. There were a few things we did to make the leap as safe as possible.
- Financial Planning : We had to work out what money we needed to survive for 12 months with no incoming work. We fixed our home loan so that our outgoings were consistent.
- Support – Katie was in an Assistant Principal role teaching at the time so this meant we had one consistent income. Any business support would be after hours for her initially.
- Planning – All planning for the business was done on weekends before leaving Terry’s role at the time. This included business plans, insurances, registering a business name, logos, business cards and setting up accounts.
- Respect – Tery gave plenty of notice at his workplace and didn’t leave anyone in the lurch. This paid off down the track when his old boss contracted us for work and still does. Burning bridges in a small town rarely pays off.
- Reducing business costs – Initially the office was set up at home and Terry would visit clients at a coffee shop or their workplace.
- Business growth – As the business grew, Katie was balancing her career during the day and business with Terry at night and weekends. As you can imagine, this was unsustainable as it’s hard to give 100% to 2 jobs.
What we learned from the experience
Starting a business was not easy. It was challenging, stressful, and exhausting. Lyons PM faced obstacles and setbacks, such as finding clients and managing cash flow. At the beginning you deal with self-doubt, and isolation but also find strength and potential.
Taking a leap of faith and starting a business was the most rewarding, albeit challenging, decision we ever made. Leaving your job and starting a business is not for everyone but following your dream and seeing where it takes you is definitely an option worth thinking about.
How did an Assistant Principal decide that starting an entirely new career and running a Construction Project Management Business happen? Well, that’s a whole other story for another time.
