From Corporate Dreams to Entrepreneurial Reality: My Journey with The Profitability Project

When I (Joey) was growing up, I swore I'd never be self-employed. I'd watched my parents ride the entrepreneurial roller coaster, and I was determined to stick to the stable 9-to-5 life. Little did I know that life had other plans for me. I'm Joey Albertson, founder and CEO of The Profitability Project, and this is the story of how a corporate finance girl accidentally became an entrepreneur, changed her life, and now helps others do the same.

The Unexpected Beginning

My journey began in an unexpected place - a small town in Washington state where my husband and I had moved. With limited job opportunities and struggling with fertility issues, I found myself at a crossroads. That's when I met Makenzie, who would become not just my co-founder but my best friend. She mentioned a job opening at her company, and despite my limited experience, I jumped at the chance. Looking back, I'm amazed at the audacity I had, claiming I could handle a payroll specialist role with barely any QuickBooks experience!

But sometimes, a little audacity is exactly what you need. I dove into the role headfirst, learning on the job and quickly proving my worth. It was during this time that Makenzie and I forged a bond that would become the foundation of our future partnership.

The Unlikely Trio: How We All Came Together

Makenzie and I clicked immediately. Our daily carpools turned into brainstorming sessions, laying the foundation for our future partnership. We shared similar experiences, from pregnancy struggles to career aspirations, creating a bond that went beyond just work.

Our conversations during those commutes were invaluable. We discussed everything from work processes to our personal lives, dreams, and challenges. It was during these talks that we realized how aligned we were in our vision for what a business could be - not just profitable but also supportive of a balanced life.

Years later, when I was building what would become The Profitability Project, I knew I needed Makenzie by my side. But our trio wasn't complete until Becca joined us. I hired her through a serendipitous Facebook post, impressed by her drive despite being heavily pregnant at the time. Becca quickly proved herself invaluable, bringing a fresh perspective and a killer dry sense of humor to our team.

Becca's addition to our team was like finding the missing piece of a puzzle. Her background in business finance complemented our skills perfectly, and her ability to learn quickly and adapt was exactly what we needed in our fast-paced environment.

The Birth of BookFlow: My Side Hustle Turned Full-Time Passion

After moving back to Utah during the pandemic, I landed a prestigious job working directly under a CFO. It should have been my dream come true - the stable corporate life I'd always wanted. But something had shifted in me. I started taking on bookkeeping clients on the side, helping friends and family with their finances. To my surprise, I fell in love with it.

There was something incredibly satisfying about helping small business owners understand their finances and make better decisions. I realized that my corporate experience, combined with this new passion, could make a real difference in people's lives and businesses.

The turning point came when a friend asked me to review his company's finances. What I discovered shocked me - a lack of proper processes was threatening the very existence of his business. That's when it hit me: I could make a real difference in helping small businesses, not just with numbers but with the processes that could make or break them.

This realization was both exciting and terrifying. I knew I had found my calling, but it meant leaving the security of my corporate job - the very thing I had always thought I wanted. After much soul-searching and discussion with my family, I made the scary decision to leave my corporate job and dive headfirst into entrepreneurship.

I called Makenzie, asking her to join me in this new venture. To my relief and excitement, she agreed. Together, we founded BookFlow, the precursor to The Profitability Project. We started with a focus on bookkeeping, but we quickly realized that our clients needed much more than just number crunching.

Growing Pains: The Challenges We Faced

Our initial success was exhilarating, but it came with a price. We said yes to every client, hired rapidly to keep up with demand, and soon found ourselves drowning in work. Makenzie and I were pulling 60-80 hour weeks, trying to balance client work, training new hires, and managing the business.

The toll on my personal life was severe. I was constantly angry and stressed, unable to be present for my family. I remember feeling guilty all the time - guilty for not giving enough time to my clients, guilty for not being there for my kids, guilty for snapping at my husband. The entrepreneurial dream had turned into a nightmare of burnout and overwhelm.

Looking back, I can see that we made several critical mistakes during this period:

• We took on every client without considering if they were a good fit
• We hired too quickly without proper onboarding processes
• We tried to do everything ourselves instead of delegating effectively
• We neglected our own work-life balance in pursuit of growth

These mistakes taught us valuable lessons but at a high cost. I realized we couldn't continue like this. Something had to change, not just for the sake of our business but for our sanity and our families.

The Turning Point: Burning It Down to Build It Back Up

Making the decision to "burn it down" - letting go of clients and employees to refocus our business - was one of the hardest things I've ever done. But it was necessary. We brought Becca into a pivotal meeting, sharing all our company documents and financials with her. Her fresh perspective provided the clarity we desperately needed.

This process was painful, but it was also incredibly enlightening. We had to be honest with ourselves about what was working and what wasn't. We had to let go of clients who weren't a good fit, even though it meant a short-term loss of income. We had to admit that our processes were inadequate and needed a complete overhaul.

This experience taught us invaluable lessons about the importance of:

1. Having solid processes in place before scaling
2. Being selective about clients and ensuring they align with our values and capabilities
3. Hiring people with the right skills and providing them with proper training
4. Maintaining work-life balance and prioritizing our personal well-being
5. Being willing to step back and reassess when things aren't working

These lessons became the foundation of what would become The Profitability Project. We realized that our struggles could serve as valuable lessons for other entrepreneurs, helping them avoid the pitfalls we had experienced.

The Profitability Project: Our New Approach to Business Finance

Rising from the ashes of our setbacks, we rebranded as The Profitability Project. Our focus shifted to helping startups and small businesses implement strong financial processes from day one. We now offer a unique blend of services, including a course on understanding rev ops, done-for-you services, consulting, and a fractional finance team.

What sets us apart is our emphasis on helping entrepreneurs grow sustainably without sacrificing their personal lives. Having experienced burnout ourselves, we're passionate about helping others avoid the same pitfalls. We don't just look at the numbers; we look at the whole picture of a business and the lives of the people running it.

Our services now include:

• Bookkeeping and financial management
• Process development and implementation
• Revenue operations (RevOps) consulting
• Tax preparation and strategy
• Fractional CFO services
• Business growth strategy
• Work-life balance coaching for entrepreneurs

We've designed our services to be comprehensive, addressing not just the financial aspects of a business but also the operational and personal aspects that contribute to long-term success.

The Power of Processes: Lessons We Learned and Now Share

One of the biggest lessons we learned was the importance of solid processes. We now create detailed playbooks for our clients, documenting every step of their financial processes. This level of organization has impressed our clients and set us apart from other financial service providers.

I often address the fear some might have about becoming "replaceable" by documenting their processes. In reality, this makes an employee more valuable, not less. It shows initiative, thoroughness, and a commitment to the company's success. It also allows for scalability and consistency in service delivery, which are crucial for growing businesses.

We've seen firsthand how implementing strong processes can transform a business. It reduces stress, increases efficiency, and allows business owners to focus on growth and innovation rather than getting bogged down in day-to-day operations.

Looking to the Future: Our Vision for The Profitability Project

As we continue to grow, we remain committed to our core mission: helping entrepreneurs build sustainable, profitable businesses without sacrificing their personal lives. We've expanded our services to include tax preparation and strategy, and we've launched a podcast to share our experiences with a wider audience.

One of our goals is to feature and support other female founders, creating a network of mutual support and inspiration. We believe in the power of community and the importance of lifting each other up. Through our podcast and other initiatives, we're working to create a platform where female entrepreneurs can share their stories, learn from each other, and find the support they need to succeed.

Despite the challenges we've faced, Makenzie, Becca, and I remain passionate about our work. We find joy in helping our clients navigate the complex world of business finance, and we continue to learn and grow ourselves along the way. Every client success story fuels our passion and reinforces our belief in the importance of our mission.

Join Us on the Profitability Journey

Our story is more than just a business success story. It's a testament to the power of resilience, friendship, and learning from failure. We've turned our own struggles into valuable lessons that now benefit countless other entrepreneurs.

If you're a business owner looking to build a sustainable, profitable company without sacrificing your personal life, we'd love to help. Our unique blend of financial expertise, operational know-how, and personal experience makes us valuable partners in your entrepreneurial journey.

To learn more about The Profitability Project and how we can help your business, visit TheProfitabilityProject.Com. And don't forget to subscribe to our podcast for regular doses of inspiration, practical advice, and insights from successful female founders.

Remember, in the world of business, cash might be king, but processes are the kingdom that supports that reign. With The Profitability Project by your side, you can build a business that not only survives but thrives, all while maintaining the work-life balance you deserve. Join us, and let's make your business profitable and sustainable together. Your success is our success, and we're here to support you every step of the way.