What is the biggest misconception you had about starting a business? I used to believe that to start a business, you needed a lot of money and had to quit your job. I did quit my job to give my business 100%, but I quickly realized I became the biggest expense, burning through my run rate. I also thought that if you built it, people would buy it, but that's a myth; your marketing strategy has to be on point. Finally, I thought money would come quickly, but I didn't fully grasp all the expenditures involved in running a company.

How did you handle the challenge of a high-turnover clientele? I thought I had an airtight plan by opening a practice in a transient area, but I didn't factor in the high attrition rate. People were constantly moving away, which meant I had to continuously acquire new clients. I didn't calculate the constant cost of acquisition, which was a huge oversight. Now I realize that an established, suburban area with a stable population would have been a better choice.

What was your biggest mistake when it came to growth? I tried to expand too quickly. I had my main business finally doing well, but before it was insanely stable, I tried to open two more locations. This spread me too thin, as I hadn't fully replaced myself in the first location. Now I know you should only focus on one project at a time and ensure it's fully stable before expanding.

How do you prevent your lifestyle from "creeping" up as your business grows? You have to set a limit. When you start seeing money come in, there's a temptation to take care of yourself and your family by buying nice things. This is a lifestyle creep that can quickly eat into your profits. You have to be more defensive with your successful wealth, focusing on calculated risks and investments rather than chasing returns.

What's the difference between being good at something and being lucky? I've learned that you're not battle-tested until you've hit a speed bump, hit your head, and had to get back up. Many people who are successful were just lucky, and when things got hard, they struggled. The people who are truly good at what they do have faced adversity and learned from it. If you're not battle-tested, there's no way to prove whether you're good or just lucky.

Watch the full episode at https://youtu.be/Qrl5BPjQZEk and read more in THE ASCENT | 013.