Truth About Entrepreneurship: That Time I Fired Myself From Being A CEO
By: Sacha Walton, Business Strategist and CEO of SWI Management Group
It was 2018, and I was a full-time employee with an event production business on the side. I experienced a layoff after 20 years of employment with the company.
As a positive result, I went into full-time entrepreneurship taking my company into government contracting, scaling 6 figures within the first six months of the layoff.
After 2 years of full-time entrepreneurship, the 2020 pandemic happened. Like everyone during this time, I attempted to navigate the impact my business experienced from the pandemic and having household responsibilities.
The event industry was heavily impacted with the shutdown of all live events. I had to realize that not only was the industry shutting down, but so was I.
Photo Credit: SLB Motion Photography
I held on mentally and financially for as long as I could endure, but I fired myself from being a full-time business owner. I went back to the 9-5 world.
In my book, The Ugly Truth About Entrepreneurship: Keys to Managing Mental Wellness, I discussed my journey leading up to the pandemic and what inspired me to get back into business.
I often pondered on the thought of firing myself because I was an employee of my company. Yes, I established the business as an LLC, S-Corp to properly manage the level of profits SWI Management Group was receiving as a government contractor.
As an employee receiving a salary from my company, what was I to do when the company wasn’t making any money? This was a hard question to answer.
Oftentimes, especially within the last two years, we have seen so many corporate restructures and layoffs, but as business owners, we do not consider having to do the same as a solopreneur.
Photo Credit: SLB Motion Photography
I didn’t have a large overhead or employees. To manage the workload, I hired contractors, interns, and worked with volunteers. So, being the only one affected by the pandemic within my company was a little better than having an entire team to let go. But it was still a hard pill to swallow.
What did firing myself do for me?
I reluctantly went back to work, and I have to admit, it gave me a chance to heal mentally. Why did I say that?
Of course, having the freedom through entrepreneurship is glorified, but there are many rough and hard paths to tread as well. It can be overtaxing and stressful when you have the sole responsibility of bringing a lucrative income into not only your household, but to also sustain a business.
I was stressed and mentally broken down. I was trying to figure out new ways of generating income with a wall of financial responsibilities facing me. I had to weigh the scales to find a job or stick it out with the business with many uncertainties of the pandemic.
I wasn’t in the mental state of leveraging anything I knew I could bring to the table to withstand the pressure of the issues caused by the pandemic.
- Healing mentally was the first step in thinking clearly again.
Many times, we don’t realize the shift that can happen to one's mental state when something traumatic happens to them.
Each person’s negative experience has its type of trauma associated with it. Only that person can determine how trauma impacts them, but the results of it are shown in their actions or lack of taking action.
2. The second step was becoming self-aware again.
Although I was working a 9-5, my mind was free from financial worries, and I was able to focus on myself.
My current state of being was where I was content along with having a desire to still hold on to my entrepreneurial mindset.
I could not get comfortable with being mediocre, but I was also content with having steady income.
The thoughts of rebuilding my business were drifting away while still staring at the shoreline, knowing it was still possible to get there.
Now, I can’t lie, but my business confidence was rocked by the setbacks I experienced. I wanted to hide. I went from working with international clients, celebrities, and government agencies and more to clocking in every day and working for someone else again.
After my layoff, I said, “going forward, I would be in control of who writes my checks”, only to go back to requesting time off, clocking in and out, and waiting for payday.
But being in a place where you can heal mentally and become self-aware again takes me into a place of rebuilding.
3. The third step was regaining my confidence to rebuild.
When an existing building goes through a revamp, the under construction sign is visible for the upgrades and enhancements to be added on. When the upgrades are completed, we see the newly refaced building for the brand.
We all go through a form of reconstruction. Reconstructions help to bring newness, a fresh look, new additions, and a well-maintained structure that brings more success.
In the 9-5, I gained new experiences and skills that have become valuable in my business. Regaining my confidence to continue my entrepreneurial journey helped me to be more resilient.
My true identity began to resurface. Things I once shied away from are things I now lead with. It took firing myself and the pandemic to help me have a new perspective on life and entrepreneurship.
Comfort zones no longer hold me, and embracing this place has opened up so many amazing opportunities that I would not have experienced before.
It’s easy to question the path we’re on, but it takes courage to walk the path with faith as our sight.
4. The fourth step was being empowered to become again. Michelle Obama wrote the book entitled, “Becoming”. I never thought about how powerful one word could be when ascending and overcoming various levels in life.
The power of becoming, looking at circumstances, and continuing to move forward or rising from the ashes to “become” something powerful and great is a wonder.
It allowed me to unleash a part of myself that laid dormant for so long.
In conclusion, firing myself was one of the best things I could’ve done. I am in a better place in life, especially mentally. I relaunched my business, leading it with a personal brand.
I help other entrepreneurs start and grow sustainable businesses, as well as speak on mental health and entrepreneurship.
I am a business strategist, speaker, podcaster, best-selling author, and editor of 3 magazines, and yes, I still own SWI Management Group.
I’ve even established a business coaching subscription helping entrepreneurs experiencing the lack of funding to hire business coaches.
As you are reading this article and consider where you are in life right now. You might be facing a layoff, already laid off, or an entrepreneur who’s ready for the next level.
Remember to take a step back and regain focus, heal mentally, do the work and wear the under construction sign, be empowered with resilience in tough times, “become” again, regain confidence and maximize on your potential to be successful.
Sacha Walton, business strategist and owner of SWI Management Group, helps entrepreneurs level up their businesses with strategic planning, marketing, and branding, which drive business growth and visibility.
