James McMillan, "solo-preneur"

I suppose I have a portfolio career but really, it is three full-time jobs. I have an SME business advisory consultancy (Audeo Fortis), I’m a non-executive director (Stockport Credit Union) and the ‘day job’ is co-founder and CEO of Join myNexus – we are using games-based assessment to evaluate the skills and capabilities of entrepreneurs so we can smart-match them to early-stage investors.

Definitely evolved. When I was interviewed to do my training contract, they asked me why I wanted to be an accountant and I laughed and said “no-one wants to be an accountant. When you’re a child you dream of being a firefighter or an astronaut. I want to be an accountant because it’s a strong qualification, that will properly ground me in business.” I had no idea what I wanted to do but that mantra has completely held true. After six and a half years in audit and corporate finance I moved into industry and did cost and revenue transformation, then business process improvement, and then I was running an HR Programme Management Office for a FTSE50. My career has basically been a series of opportunities to apply my skills at the same time as learning new ones. 

I think I always expected I would be working for myself at some point once I had enough experience. The reality of it is that I have always been a bit of a maverick when it comes to work. Every role I had I would overperform because I had a different approach to problem solving and strategic thinking. I recognise now that’s because I’m actually quite entrepreneurial. So, although my employers always loved the work I did, they struggled to know how to temper my creativity – I was always frustrated by the constraints of the organisations I worked for because I could easily spot better, quicker more effective ways of doing things and they didn’t know how to harness that.

Sort of. I was incredibly stressed in my last employed role which led to me just resigning from the role. I was the right-hand person for a Director that was not just micromanaging me but was falling short in their own role. The pressure just grew and one day an issue arose becoming the straw that broke the camel’s back. I found myself in an open plan office crying hysterically wondering how I got there. I resigned that week with no job to go to but a 3-month notice period. My colleagues and the leadership team started flooding me with amazing feedback and a number said that I should be working for myself. So, I thought ‘why not?’ and just took the leap.

In all honesty there have been very few lows. I made sure that from day one I networked with other solo-preneurs and business owners so that I could get outside support and feedback. Those first few months of worrying about whether you’re going to be able to make it work you could class as ‘low’ but really, it is just the start of the journey. The highs have been fantastic. The consultancy business totally outstripped my expectations and led me to my latest venture which I’ve co-founded with a client. Last year I was named the IoD Director of the Year for my Non-Executive work at SCU. The biggest high has been finding a space where I could really stretch my skills and capabilities and fulfil my potential in a big way.

I did! When I started my consultancy business, I applied for a small business grant from CABA and they offered me free coaching too. I am always doing some form of informal coaching/mentoring and I think it is important no matter what your role, level of experience or age. Surrounding yourself with that support helps to maintain confidence but importantly it also keeps you tuned in to the real world, it grounds you, so you don’t get swept away in your own thoughts.

It’s super cheesy but making a difference. Whether it’s advising SMEs or developing a new system and platform for businesses to access funding knowing that it’s directly impacting people’s lives and I get do to that on my terms, master of my own destiny. The work we do at Join myNexus is helping underfunded communities like female, LGBT+ and people of colour founders access equity finance, what could be more satisfying than that?

Sometimes working for yourself can feel a little relentless. I often must push myself to take time off, schedule in rest, and have reflective check points. I’m naturally inclined to just work harder and working smart is definitely a skill and ritual you have to exercise regularly like a muscle. Getting that balance is always on my agenda to manage so that I can be my most effective as a business leader.

A very odd one. Income-wise it’s been terrible, having the competing businesses has meant a bit of sacrifice on my part. The pandemic provided a fantastic opportunity to accelerate Join myNexus because we’ve had an abundance of time. This has meant effectively shutting down the consultancy for now, as to have kept that going during the pandemic would have been more than a full-time job in itself. We’re now at the point of raising £1m of equity in Join myNexus which would not have happened without that time. Like most businesses, Covid has forced me to take some calculated risk!

Undoubtedly. It’s such a broad qualification but with real depth to it. Particularly as a co-founder and CEO I have a good handle on all functions within the business and it means I’m better equipped to instruct professional advisers and suppliers because I understand how everything works and fits together.

Don’t overthink it but do your research. I was 32 when I started out alone and, in spite of not feeling confident that I knew enough, my colleagues had been right in what they’d seen in me and I achieved success far quicker than I thought I would. I was fortunate that I had been working in practice only four years prior, so I had a lot of up-to-date knowledge on what was required to set up. Take the time to make a realistic assessment of the ‘what, where and how’ you need to make it work, and make sure you really challenge your assumptions.

The big ambition is to grow Join myNexus to be a global business. I expect that once I’ve built that and exited, I’d love to do more to help start and scale up businesses. I can see myself serving as non-exec for several growth businesses and working out what the next big venture might be! I used to be a 5-year plan sort of guy, now I just look for opportunity as it arises.

^{*The views expressed are the author’s and not ICAEW’s.}