Building My Own Company Update
There has been a VERY large gap between when I last wrote a post for Wee Scot Finance and now. The last couple of blogs have predominately been around the CFO series and a guest blog from my friend, Amaury De Closet. If you are looking for the latest financial advice, check out the following posts:
- Oliver Godfrey (head of finance at Maker's Academy) on "Personal Financial Management";
- Amaury De Closet (CEO) on "How to Make Enough Money While Starting Your Company", and
- Peter O' Higgins (CFO Revolut) on "Personal Financial Management"
In my last post around my job search and "what's next", which I posted here, I wrote about how I had just handed my notice in at my current job, in search of new grounds.
Well...THAT WAS nearly FIVE MONTHS AGO!!! Where did time go, right? We're through summer, and a colleague of mine recently asked about the office Christmas party...
I finished full time with my job at the end of July.
For those of you that have just got to the site and thought, wow, that's a bit sudden... that's very true. If you want the full story, check it out over at "Motivational Pick Me Ups".
So, what's next?
I work for a fantastic company that are scaling at a superb rate of knots at the moment; it was a tough decision to leave them as they are a rocket ship right now. The pull, however, to carve out more time for my ideas, was too strong. I'll still be with my current company, but for two days a week, and purely focused on the financial elements of the company rather than the finances and operations of the company.
For the remaining three days, having more time affords me luxury in a couple of other areas of my life as well.
For those that know me, I love to spend time outside and need to exercise pretty much every day; I particularly love cycling. Having three days a week affords me an element of time to allow me to do this. I used to do Ironman, which I wrote about here, and how it helped me in mental robustness. I have recently entered an Ironman in Greece for next April so time will provide me with some space to work on my training schedule as well. I will never be a professional athlete, and many people juggle extreme sports pursuits with work quite easily. I wanted to give myself a little more time to pursue this.
Coupled with this, this blog has now grown some serious arms and legs which is super exciting and really great. I've had some brilliant emails off the back of the blog; a charity looking for financial assistance, a couple of people looking for career advise, and many bloggers reaching just for a chat. I love writing, and could spend hours happily tapping away at my keyboard. Additional time provides me with some space to work on this and build that out to something more.
A lot of bloggers monitise and make a lot of money out of affiliate marketing and advertising.
While I have some affiliate links throughout the blog, I really don't want to do any advertising and I don't want to push affiliate marketing either. If this blog generates a little bit of cash, then fantastic. If not, no stress either! If you're interested in earning money through a blog, check out this piece I wrote on monitising your blog.
The blog will condense a little further into the CFO Series, occasional financial hacks that I find interesting, book reviews (as I LOVE reading) and then updates on what's happening in my world of trying to build my own company!
What about your finances?!
Valid point, and for me particularly owning a finance blog, definitely the most important part. To start with, as mentioned, I worked for an amazing company. They have kindly let me go down to 2 days a week; providing 2 days worth of work a week in the finance remit only (previously my role also included operations (HR, legal, data protection etc)). This means I have some income coming through the door and provides me with three remaining days a week to sort out my next venture.
I have been asked by a couple of companies to help them with financial models, board packs, pricing, unit economics etc. These are elements of my job I really enjoy and find fascinating, and can be performed as part of project based roles. Work like this also means I can keep learning as a CFO!
One particular company whom I am currently working for is Lexoo, a legal online platform with incredibly exciting growth plans, and who are scaling rapidly!
Finally, alongside the above, I am on the board for an amazing charity, Music For My Mind. At this charity we can automatically build playlists that can help individuals with dementia in memory recall. It's a wonderful, wonderful company that is adding a real and tangible difference to people lives.
My Own Venture
The last elephant in the room is to look at my own venture. I have two and a half days to work with on this (and the weekend), and am slowly refining my offering. This section is definitely a watch this space. I had been toying with a couple of ideas:
- Financial Coaching: I could hone this blog further and provide financial coaching to individuals on ways to grow your income, reduce your expenses and find their route to financial freedom.
- Accountancy Career Coaching: a lot of people pick accountancy because they "fall" into it. It's another qualification and another three year delay before they have to decide what they want to do. Upon qualification a lot of individuals end up catapulted into large corporations chasing down debt from another client, or following up on supplier runs. It can, if not mapped out properly, lead to a boring career.
- CFO Tech Marketplace: there are a growing number of small and medium sized companies who need financial help; from bookkeeping, to financial forecasting, from cashflow management, to SAAS metrics. Individuals don't know how to reach accountants or part time CFOs to obtain this information.
- Accounting Practice: finally, but by no means least of all, the above can be built out into my own accounting practice.
They are 4 different streams, with significant overlap, particularly in the last three. I need to do something that resonates with me, before I take it to market. As I've written this blog, over time, it has felt more "like me"; it has my opinions and thoughts in it.
I didn't get it right first time, and on the above, I won't pick the right option first time, but I need to start refining that resonation.
The core part here, however, is not what I want to do, but what does the market actually need. Many people get this part wrong. They build a product or service, and then wonder why no one buys it or is interested. To a certain degree I did this with this blog; I build it, and thought, people will read it, rather than understanding what people actually want to be reading on their finances!
At the moment, I'm working on a couple of these ideas, meeting lots of people to understand demand, and will see where we get to. So, watch this space (and have a lovely weekend)!