Some insights from a DC retail entrepreneur
There is a local-to-DC retail running shop called Pacers that I occasionally pop into to buy running clothes, gel packs, and other miscellaneous running gear.
A friend of mine met the owner the other day and found out he owns this super nice, brand new house down the street from me (probably $3.5 million or so) so I was curious to Google the guy's story. After all, maybe I'm in the wrong business?
I found a recent 20th anniversary profile of the store and wanted to share some quick thoughts:
- Government jobs are boring for entrepreneurial types. Farley (the owner) was a DOJ programmer and was bored out of his mind.
- Pursuing hobbies or side projects can lead to interesting outcomes. Farley got his start working in retail when he saw a sign that said "Runners wanted for part time work" in Old Town Alexandria. This started him down the entrepeneurial path.
- You don't need an original idea. Farley actually purshed the store and the brand from someone else. His success after that came from being a better operator, marketer, etc and not being some sort of super genius.
- Some businesses require way more money to start. To buy out the owner, Farley tried to get a bank loan but couldn't, so his parents financed him. Fortunatley going 1099 requires much less money.
- Passion and love for your business grows over time. Farley wasn't passionate about starting a retail running store at the start. He started working at one as a lark, later bought one, and put more work into it over 20 years. There was no pre-existing passion. [Read Cal Newport's So Good They Can't Ignore You for a good treatment of this topic].
Though going out on your own as a 1099 doesn't seem like a similar path to Farley's path, it is similar in the shaking things up in an entrepreneurial way can lead to unexpected outcomes, ones that can lead to $3.5 million houses in Arlington and lots of fun.
Want the full playbook? Check out Going 1099.