Entrepreneurship: Paid in Five
This article was originally published at The Clubhou.se
theClubhou.se member Josh Keck is always looking for a way to improve anything. He’s quick to recognize efficiency, lend a hand, and introduce you to somewhat who can help you with whatever you’re working on. Paid in Five is Josh’s solution to businesses which would prefer payment on services quicker than the traditional schedules. Check out what makes Josh’s entrepreneurship tick!
1: What is the business?
We are a referral partner for NOWaccount. Basically, we help businesses improve their cash flow and grow their business fast. Our clients get their B2B invoices paid in 5 days or less for the same price as accepting a credit card.
2: When and where did you found it?
Paid in Five was founded in July of 2016. This was after we had been a NOWaccount client for a few months, saw how it worked for us, and then wanted to help other businesses get great results from it too.
3: Where is the business now?
The Paid in Five office is in Augusta, but we can help companies across the entire US.
4: What were you like in school?
Talkative, creative, friendly. I got good grades but frequently brought home report cards that said I talked too much.
5: Any extra-curricular activities?
Most of my available free time is spent with my wife and son. Seeing them after work is the best part of my day.
6: Any significant experiences/skills that (with hindsight) influenced your business?
I worked in sales for nearly a decade, most of which was straight commission. Straight commission will teach you a lot, and you learn very quickly if you want to keep paying your bills.
7: Any previous entrepreneurial experience? Lessons learned?
I have started a few other companies. The biggest lesson for me is following Simon Sinek’s advice in starting with “Why?”. When you can answer that clearly, and have a set of solid core values, every other decision becomes much easier.
8: What appealed to you about entrepreneurship?
I like to find a way to help other people which both benefits their business and allows them to create a profit at the same time.
9: How did you get the idea?
I saw NOWaccount introduced at a Mayor’s breakfast. When I saw it, and believed in it, I knew that it could help a lot of people (and businesses) and I wanted to be a part of the solution.
10: How has your idea progressed over time?
It has definitely been a learning and growing process. I’m learning to keep things simpler and keep the process as streamlined as possible. Less is more.
11: How did you fund the business?
Our business is being funded by a generous investor who sees the long term potential for what this could be. Our investor and I both believe that Paid in Five can be a catalyst that helps change the way that Augusta does business.
12: How did you market your business?
Word of mouth referrals only. We believe strongly in the power of word of mouth referrals. Also, ours is a new concept, so warm referrals allow us to meet with potential clients with a high level of built in trust.
13: How did you choose who to hire (if applicable)?
I work with a terrific virtual assistant (Lisa at http://www.augustavirtualassistant.com/). Working with her allows me the flexibility to offload some of the day to day tasks so that I can focus on the things that only I can do. I can trust that my business is still being taken care of competently and professionally even when I’m not the one doing it.
14: Who are your main competitors?
My main competitors are factoring and collections companies. Although NOWaccount does neither, we often get lumped into the same basket. Although not a direct competitor, my biggest challenge is market education. Because NOWaccount is a new concept, it takes face to face meetings to explain the concept so that people understand it. Once we meet most people get it right away.
15: What have you learned from your competitors (both successes and failures)?
At the end of the day, people really care about service and integrity. Do you care about them as people? Are you willing to do everything that you can to solve their problems? If you don’t get it right, will you make it right? People don’t really expect perfection, but they do want you to do your best and to be honest with them.
16: What does a typical day involve for you? How does that compare to your team (if applicable). How has this changed over time?
For me, it’s largely about preparation and follow up. I spend a lot of my day prepping for meetings that I am about to have and following up on meetings that I did have. Since I do not actually provide to service I am selling (that is handled by the fantastic NOWaccount team in Atlanta), I focus my time and energy on having great meetings and providing great follow up. I want to add value to everyone I meet with whether they become a client or not.
17: Favorite books?
‘The E-Myth’ by Michael Gerber. ‘Tribes’ by Seth Godin. ‘The 7 Habits of Highly Effective People’ by Stephen Covey.
18: Favorite entrepreneurs?
Seth Godin, Bill Hybels (Willow Creek Church), Scott Harrison (Charity: Water), Dean Kamen (Segway)
19: Best piece of advice?
The battle is really fought and won in the 6 inches between your ears. Most of what it takes to run your business can be taught to anyone willing to learn. What separates those who win or lose in the long term is their mental management. “Success is going from failure to failure without a loss of enthusiasm.” Winston Churchill
20: Common misconceptions about your business/entrepreneurship in general?
“If you build a better mousetrap the world will beat a path to your door.” Not True. Most “overnight successes” spent their entire life becoming an overnight success. Anything that you truly want won’t come easy and will have to be fought long and hard for.
21: What is next for your business?
More streamlining. How can I get my process to the bare minimum while still generating great results. Perfection is not when you can’t add anything else; perfection is when there’s nothing left to take away.
22: What next for you?
Figuring out how to scale my business in a way that does not involve my constant presence. How can I set my business on a “4 Hour Workweek” trajectory?
23: How has working out of theClubhou.se benefitted your company?
I enjoy being in the company of like-minded, creative entrepreneurs who are always glad to see me and encourage me on my journey.