Behind the Scenes of a Startup, Month 3
I launched a new business on January 1st, 2023. Here’s how the third month went.
I’m chronicling a new business startup, Trinity Builder Solutions, and I’d love for you to join me on the journey. (Click here to read from the beginning…) I’ll be providing quarterly (formerly monthly) updates, and this is an update for month three. Want to receive these updates in your email? Click here to subscribe.
And in month three, the headwinds pick up!
Before launching TBS, one of my biggest concerns, and that of many others, was what I’d do if my core business struggled and I needed to jump in and help. And while I certainly didn’t dismiss this concern, I’d say I considered it a “remote possibility.”
Well, it happened.
Due to a myriad of reasons - almost all pointing back to “people issues” - my involvement in kitchen & bath CRATE went from 20% to 75% in March. So, of course, my work as Traction Visionary in TBS had to slow dramatically. That’s the bad news.
The good news is the TBS team - the ones bidding on the large projects, interfacing with general contractors, and installing fantastic stone projects - continued on quite well, and we made progress. Here are the details:
Wins from the Month
We set up our Q2 rocks (goals) using the EOS system and are already accelerating into April!
We submitted our first proposal for a full-unit apartment complex renovation Tracy, CA. We’re being considered for unit upgrades in batches of four. Since this scope of work is the 2nd of TBS’s two-pronged service approach, I was excited to see this proposal issued.
The owner of a general contracting company for whom we have done a ton of bids came by to walk our facility and meet our team. I love showing off our fabrication set-up and explaining how far it’s come since we acquired the property nearly two years ago.
What worked last month?
If you recall, last month we were contacted by a stone company an hour away that had lost their entire fabrication shop to a natural disaster. They had three jobs to complete and subbed out the fabrication and installation to us. The arrangement worked well for both parties, and we have two more projects in the pipeline!
What did not work last month?
I did not have the time to devote to long-term growth efforts, and unfortunately, this will likely continue in Q2. Since kitchen & bath CRATE returns fund the TBS launch, this original core business must be healthy and thriving.
What do we need to keep doing?
In March, we did a great job of sending out bids for large projects that won’t start for 6-12 months while also securing smaller projects with immediate start dates. This balance is difficult, as it requires building relationships with very different types of customers. But the strategy ensures a bright future and helps us lower our burn rate, so we’ll keep working towards the right balance.
What needs to improve?
Our estimating speed on the larger format projects needs to increase. We’re simply expending too many manhours on larger bids, and we’re considering outsourced help to do some of the more detailed technical plan analysis so Aaron and I can focus on relationships and project management.
Financial Goal Tracker as of 03/31/23
Value of Proposals Generated YTD: $2,340,261
Value of Projects Awarded YTD: $93,938
Revenue Goal for 2023: $2,225,000
Revenue YTD: $50,514
Percentage of goal: 2.3% (That’s still not much!)
Click here for the next post in this series!
Books of Note: Amid challenging times, I have a few “go-to” books that help me recalibrate. One of those is The Ruthless Elimination of Hurry by John Mark Comer. This book is fantastic at providing perspective on this crazy world we live in!
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