Quittin' Time

One of my favorite pieces of advice my dad has ever given me was "the best way to learn is to make mistakes on someone else’s dime." I shared a story last post about how I did just that when I signed off on a $7500 (Insanely expensive) emergency tree removal bill my first month as a Property Manager. I never made that mistake again, not only that, but my mistakes as a manager ended up costing less and less. Looking back, that moment truly was a “can’t get worse from here” sort of moment for me. While I don’t share that story with pride, what I did after that large mistake is what I am most proud of.

It was Henry Ford who said: “Anyone who stops learning is old, whether at twenty or eighty. Anyone who keeps learning stays young.” Learning in my opinion is a lifelong journey. Whether by reading, listening, or doing, I never want to stop learning. 

This leads me to my next point, when is it time to go from “making mistakes on someone else’s dime” (Employee) to going out on your own and doing it yourself (Business Owner)? 

My belief is that it is directly correlated to your knowledge. Personally, I knew it was time to quit about 5 years in, when I believed I had learned enough to make it on my own. You are certainly never going to learn everything there is to know about running a business, or everything about your business from the ground up as an employee, but you can learn an awful lot.

One thing I did, that I highly recommed was I went into my jobs throughout my Property Management career with a purpose. My focus was to look at every job and every interaction I had from a business owner’s perspective. The questions I would ask myself when situations came up was, how much did it cost? Can you get it cheaper? If so, why wasn’t it done cheaper? What are my coworkers saying about this situation? Are my coworkers happy? And so much more. Going into my job with that lens was crucial to learning as much as I did and preparing me for my own business. I didn’t know then and I still don’t know if I will have a huge business with a ton of employees, but the lessons I learned and questions I asked not only helped me learn more, but sped up the learning curve dramatically.

Now, I played sports throughout my life and the one thing I understand about groups, teams, people etc. is the best way to improve or exceed your potential is to understand every moving part from the ground up. In baseball it was to learn every position, talk to your teammates, figure how to get the best out of them, study the game and how to get better, always improve, this is what creates success.

When thinking strategically about my future business while I was an employee, the major areas I focused on that have set me up for success are as follows:

How everything works from the ground up - From learning how to replace a fill valve in a toilet, to learning how to set market rents in a competitive market, I did it all. This will prove invaluable as I own and operate apartment buildings because it gives me a professional perspective on what needs to be done to improve my property and the returns it distributes.

Employees at each level, their likes and dislikes - Maintenance Technicians have an extremely different viewpoint and understanding of how a property runs than a Property Manager, or a Regional Supervisor. Getting to understand and feel the frustrations and triumphs of each level was extremely important.

What keeps each employee happy - Again, different levels have different wants and needs and being in the trenches with them, among them, really gave me a sense of how to improve the day-to-day and the culture of a company.

How much time, energy, and effort every task takes in a business - This might be one of the more important lessons I learned. How long does it take to replace a toilet, what kind of energy does that take? How long does it take to complete an efficient report? What reports are most important? These questions and many more were answered that have already proven to save so much time, energy, and money and to make sure my team is working efficiently. Time is money and being efficient is crucial in business.

What things cost - Not only do you need to know that a toilet replacement shouldn’t cost you $1,000, or an HVAC replacement shouldn’t cost $15,000. It is also important to know what landscapers should be charging you for monthly service, or how much you should be paying your leasing agent and everything in between. This knowledge alone has saved me tens of thousands of dollars already and I am sure by the time I retire, it will save me millions.

If you have seen the T.V. show Undercover Boss, then you understand how important getting on the same level as your employees and truly understanding them is. Once I acquired these skills, I knew it was time. I knew I had what it took to quit my job and start my own business. Personally, I don't think there is a better way to spend your early to mid 20’s. Unless you’re a Tik Tok star, or have unlimited amounts of money to waste on your own learning. Figure out your end goals, what you want to do for a career, and jump in at the bottom and work your way up with the lens of a business owner. Ask questions, don’t be afraid to make mistakes, and improve every day. Learn on the job and when you get home, listen to podcasts, go to conferences and networking events, etc. All of these things will accelerate your learning and get you to your goals faster, at least they have for me.