Andy Bailey, founder and CEO of Petra Coach, a Franklin, Tennessee-based business consulting firm, sold his first company, NationLink Wireless, in 2011, which he started while in college. A member of the Entrepreneurs Organization since 1997, Bailey offers this advice to entrepreneurs starting new businesses:
“Take time. I pledged not to make any major decisions in the year after selling NationLink. I spent time thinking about what I really wanted in my life. Make a Ben Franklin – “I want this, I don't want that” list – for your next life, and be careful when making a decision. »
Related: 10 Ways Successful People Make Smart Decisions
We caught up with Bailey to learn more about the challenges of entrepreneurship. Read the full Q&A below.
Tell me about your business(es) and how it started.
Petra Coach is a business consulting firm that coaches a set of essential organizational habits and alignment strategies, based on the Habits of Rockefeller, to keep team members in companies across the country accountable, valued, motivated and inspired. I started Petra Coach in 2012, after the successful sale and exit of my previous business, NationLink Wireless – which I started in college and became an Inc. 500 organization. I wanted to leverage my wealth of knowledge about building a successful business, so I started sharing my personal experience as a lifelong entrepreneur.
What challenges did you face when first growing your business?
When I started Petra Coach, the first challenge I encountered was the fact that it was just me there – no one else to lean on. I talk about this in my book No Trying , Only do , but it's been 18 years since I went through the startup process. I had forgotten a ton.
For example, I had to do my own billing every day, put stamps on the envelopes and send them myself. Simple stuff like that takes time and it seemed like a big hurdle for me to hit the $1 million in sales to become an EO member.
What personal challenges did you face while of your entrepreneurial journey?
At the beginning of my entrepreneurial journey, I hit the same stumbling blocks, the same rookie mistakes that all other entrepreneurs encounter. But that didn't make them any less difficult. One example was learning to set aside time for family and friends. It can be difficult (and it was) to walk away from the business and make a plan to improve personal relationships, especially when there is more success in sight or money to be made. I've learned that if you don't use time as a resource for your personal relationships, you're only hurting yourself.
Related: The 3 emotional challenges you will face as an entrepreneur
What do you think sets your brand apart?
Our unique methodology sets us apart from other business coaches. The principles described in the book Mastering the Habits of the Rockefellers are our guidelines, and we stick to them because they work – very well. Additionally, all of our Petra coaches were (and many still are) entrepreneurs, running their own businesses and side projects. It gives us a unique perspective to say to leaders, “We've been there. We know what it takes now to succeed and become better. »
What made you go from entrepreneur to business coach?
The short answer is that I didn't have to go from one to other. I started Petra Coach as an entrepreneur and am currently both a coach and an entrepreneur, which is a blessing.
The long answer is that the things I loved the most about my personal experiences in as an entrepreneur were not just commercial successes when they happened. (Although that's definitely one of them!) I've loved helping other entrepreneurs and business leaders embrace the same principles that have helped my business succeed.
What advice would you give other entrepreneurs in career transition after success?
If you're transitioning, my advice is:Take time.
I pledged not to make any major decisions in the year after I sold NationLink. I spent time thinking about what I really wanted in my life. So my advice is to do it, and when you have that time aside, create a plan. In fact, make a Ben Franklin ("want this, don't want that") list for your next life, and pay attention to it when it's time to make a decision.
What makes you awaits on the horizon?
The horizon is limitless – exciting and scary. In addition to developing the coaching practice and Align, our SaaS software company, I also invest in more personal pursuits, running numerous competitive races, writing and speaking, and developing my personal relationships within my family and my groups of friends. Needless to say, I'm having the time of my life!
Related: 4 tips for building your best future with Elite Daily's Gerard Adams
This article originally appeared in the December 2017 issue of SUCCESS magazine.
