They say failure is the greatest teacher.
To be completely frank, I think ‘failure’ is often a misused word. Especially in this old saying. To me failure is a very final word, it implies giving up, an absolute end. One thing I’ve learned from my experience raising money and trying to launch an ambitious venture-backed business is that adapting and enduring are the keys to success. That success, however, may often not end up looking like what you imagined at the start. Sometimes it can be greater, sometimes lesser, but a success nonetheless. I think this has been my particular experience at least.
Citizen Circle started as a venture backed real estate business with the intention of launching it’s first Brand the Citizen Circle Members Club - A new kind of members club and co-working space aimed at professionals in NYC. I developed the brand, product experience and led the investor pitch resulting in term sheet exceeding $5M from prominent VC firms, including Canaan Partners and Alrai Capital. Unfortunately we eventually abandoned the business just as we were about to sign our first commercial lease. The main reason for this was due to the Covid pandemic which we believed would render the CapEx heavy business highly risky to all commercial real estate businesses.
Pivoting from venture backed business to self-funded ‘side hustle’
Stuga
Shortly after walking away from CC, and still deeply interested in real estate businesses, I decided to take all the learnings and start a self-funded and highly profitable real estate investment and advisory business focused on short-term rentals and hospitality - Stuga.
I absolutely love this little side hustle of mine which day by day is growing and slowly growing into something that is quite a credible business.
What I love most about this project is that I get to put all the little things I’ve learned over the course of my life and career to practice. From branding, user experience, marketing and the thing i love the most - working with my hands to make things. I get to do carpentry, plumbing, electrical work, landscaping and a bit of interior design. I cant stress how rewarding it is to work with your hands and see things come to life
Whilst still quite modest in terms of figures, it has been achieving 100% ROI in 12 months for three consecutive years and generating annual revenue of over half a million dollars. I’m quite proud of this little project of mine. Ask me about it!