Lessons from a Young Entrepreneur: What the Trades Don’t Teach You About Business
In this episode of The Entrepreneur’s Journey, Michael sits down with Harrison Edwards, president of My Painter & Exteriors in Arlington, Virginia, to explore his remarkable journey from starting a business at age 20 to running a thriving painting and exterior contracting company by 29. Harrison shares candid insights about overcoming early challenges, understanding profitability, growing a scalable business, and learning critical lessons from tough projects. This conversation highlights practical strategies for contractors and entrepreneurs aiming to enhance their business acumen and accelerate growth.
Tune into this episode to also learn:
- How to accurately price jobs for profitability.
- Key differences between residential and commercial projects.
- The importance of investing in your employees beyond compensation.
- Strategies for scaling your business while maintaining quality control.
What we discussed
[00:01:15] Harrison’s background and how he started My Painter & Exteriors at 20 years old.
[00:03:17] The realization of how crucial understanding financials and pricing jobs correctly is.
[00:05:36] Harrison shares a business idea that didn’t initially succeed and how he learned from it.
[00:07:36] Differences between managing residential versus commercial contracting projects.
[00:08:25] Experiences and challenges from handling a large, year-long commercial project.
[00:11:16] Launching his second company, Bright Bins, and navigating its unique market.
[00:14:55] Insights on scaling My Painter & Exteriors from startup to nearly $4 million annually.
[00:16:37] The importance of clearly communicating your vision and investing in your team.
[00:19:18] How consultants can accelerate your business’s growth and provide clarity.
[00:21:09] Harrison’s vision for his businesses over the next five years.
3 Things To Remember
- Clearly understanding your overhead and accurately pricing jobs from the start is crucial for sustainable business growth.
- Effective leadership involves investing in your employees’ development and clearly communicating the vision and status of your business.
- Working with the right consultants and mentors can dramatically accelerate your learning curve and enhance business outcomes.
Memorable moments:
(00:01:31) “At 20, I broke off and I started my own business. At the time, I wasn’t really sure what business really was. It was kind of finding a niche inside the construction industry.”
(00:03:47) “We painted the exterior of her house for $5,000… They just signed a contract with us for 11,000. Nine years later, fast forward, but the difference in price, right?”
(00:18:08) “My team gets taken care of when we get taken care of, and when things aren’t perfect—because they aren’t—I think it’s pretty well communicated, and we’ve all kind of gotten here together.”
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