Founder/Business/Lifecycle Fit (aka "The Feelings Episode")

Michele Hansen  0:00 
So last week, Colleen, you said something to me that really seemed to resonate and jump out at a lot of our listeners. And that was that you aspire to have a business that is in the position that our business is in, but that you don't want our lifestyle.

Colleen Schnettler  0:23 
Yeah, so I felt a little bit like a jerk when I was editing the podcast. And I heard myself say that, and I almost cut it out. But it's true. And I'd love to discuss some of that with you. Because kind of my vision is what I want as a solo founder is pretty specific. And you guys seem to be in a whole different place than what I envision my success looking like.

Michele Hansen  0:49 
Yeah, and I would love to talk about that. And I'm so glad you didn't cut it out, because it was echoing in my head all weekend. And I really appreciated your honesty about that.

Colleen Schnettler  1:02 
Okay, if you say so. Still feel mean!

Michele Hansen  1:06 
I appreciated it. And it really seems to resonate with a lot of people listening to that. The fit of founder and business and lifestyle is so important. And I think you this is something that is worth diving into, because it's not just about the founder and the business fit, having the expertise and the sort of know how and you know, environmental knowledge and whatnot to make a business happen. It's also about having a business that fits the kind of lifestyle that you have, or that you want. And you know, Lord knows I hate the term lifestyle business. Right. But that is one of the things about this is you basically get to choose in a way, what kind of life you're going to have. And I think that applies even if you have a corporate job, right? Like, do you want a lifestyle where you are flying to a client site four days a week and barely see your kids? Like, that's a lifestyle, that's a lifestyle choice. Do you want a business where you're home, but you are maybe managing email over dinner, which you may do as a solo founder, or you may do working in a corporate job somewhere. I think this is really worth diving into and the fact that like my business, and then the way we run our business may not be something that you want. And in an environment where we're conditioned to look at other people. And there's this expectation that if people are successful, everyone wants to emulate what they do. That's not always the case. And we need to leave way more space as a culture and as a group of people that one person's success is not somebody else's success, and may even from a certain perspective look like failure because of compromises they're making in order to get to that success.

Colleen Schnettler  3:20 
Sure. So my first question for you is, I feel like Geocodio kind of built up around your family. And it seems like, you know, you guys got on a trajectory where things moved pretty quickly. After you got a foothold in the market. What do YOU want? Like if you could go back and and think about how you would design your business that fit into your life that provided you the opportunities you you want, like, what would that look like for you?

Michele Hansen  3:53 
That's a really interesting question. I've never thought about that. I think partly because, you know, I wonder if we had changed something, maybe things wouldn't have worked out as they did. Like, there's certainly things along the way that were difficult. But I don't know if, if I would choose to not do those things or do things differently. I will say that we -- Yeah, we it has grown up around our family. You know, we launched the business when our daughter was four months old. A big reason why we even got started launching our side projects in the first place is because we had the bejesus scared out of us looking at the cost of daycare. I mean, it's more expensive than college in a majority of states. And you know, being pregnant and realizing that got us us supposed to be like, we can't be spending our weekends watching Game of Thrones anymore like we got to start launching stuff because...

Colleen
Yeah

Michele Hansen  4:45 
this is this is you know, we're gonna be pretty close to paycheck to paycheck without something else happening, you know, and, and I remember just like us talking to each other and being like, we can kill it at work, but we're Still not going to get the kind of raises we would need in order to comfortably afford, you know, $20-25,000 a year in daycare alone, plus all the other expenses that go with having a child. Like, it's like we knew it would be expensive, but what can we just, you know, until we started researching it, like, we just didn't have a concept for how bad it would be. And, and you know, that first year, like, I don't even know how much we made, but I think it was barely enough so that we didn't get charged a maintenance fee on our business bank account. So not very much. So we see we wasn't at the point where we're really making that, you know, quote, unquote, like, daycare level amount of money for a while. Um, yeah, our family absolutely grew up around it.

And I think I probably would have given myself more permission to not feel like things had to be handled immediately. In terms of like customer support, things like that were happening at night or dinnertime. But at the same time, for every time that there was something blowing up on Intercom that we need to deal with during dinner, there was something blowing up on Slack at our regular day jobs that was also getting in the way of family life. I don't think our business has gotten in the way of family life more than a, quote unquote, full time job would in fact, I think it's much more flexible, because it means we can take time off or you know, snow days aren't as much of a big deal, of course, I mean, lockdown was just awful for everyone. I mean, I guess now we sort of stare it down again. But I feel like I'm rambling.

Colleen Schnettler  6:45 
So try this on for size. So you've done that. And now you're in this position where you have said to me privately and on this podcast, like growth is not really a primary motivator, you don't want to be acquired, you don't really care how quickly you're growing. So what do you want now? So you kind of done the hard like trenches work to get you in a comfortable position? Like, are you are you happy with the status quo? Like, do you have ambitions to if it's not to grow to work less? Or what are you thinking now.

Michele Hansen  7:20 
So we do have goals, they're just not other people's goals that you would normally hear about, I guess. So I set some goals last year after doing my sort of semi-annual customer analysis from from a high level of our data. So basically, I, I look at all of our customers like a portfolio. And then I evaluate that based on industry and company size. And some other factors, just basically just like an investor would a stock portfolio, and try to see how it's balanced, you know, making sure that we're not getting too much of our revenue from one individual customer, or even from the top 90%, or the top 80% of customers. And so trying to manage for different risks that way, is more how I think about goals. We will have goals based around industry. So for example, this time last year, maybe like last summer, looking at our portfolio of customers, I realized, like 20% of our customers were in real estate. And I felt like that was too much. And so, no, it wasn't purposely going to try to get rid of those customers or anything like that. But instead, I was like, you know, I would like to focus on some industries that are maybe more stable than real estate and try to focus my marketing efforts and sales efforts on industries that are more stable than real estate. So we made a co...