When we started The 42nd Estate last April we set only one goal for the company, to survive our first year. Having previously started two companies, PC Experience (a computer repair service) and Open The Board Room (a customer service and consulting portal), I knew that just getting off the ground is a difficult task in and of itself.
PC Experience achieved a few sales but we quickly dissolved a few months later due to the three founders going to different colleges (U. of Southern California, Northeastern U. and U. of Massachusetts at Amherst). Plus, we had loftier goals than simply repairing computers for our entire careers. Open The Board Room was started after we were all done with our college careers, however it had very lofty goals and we were disillusioned by the idea that we thought we could be quickly bought out by a larger company. We never even made it to the working model phase.
Thus, when starting The 42nd Estate, we decided to keep things simple for the first year and work as hard as possible to spend as little money as possible in order to stay afloat through the first year. As we approach our one year anniversary, it brings me great pleasure to announce that we will achieve that goal! We will survive.
A review of our current capital holdings reveals that our finances are strong and that we will be able to cover all foreseeable costs for the next year. We do not think that we will have to raise any additional capital and we are projecting that we will be profitable by the end of next year!
The lesson that this first year has taught us is to not underestimate how difficult it is to simply survive. The 42nd Estate was founded in the middle of a recession, and will survive the end of this recession. We’ve recently completely revamped our design, expanded our service offerings, and completed our latest capital infusion. The future looks bright and we hope you’ll follow along with us as we move forward.
We are you are us and we will survive!