Interested in starting your own entrepreneurial journey in financial services but unsure what to expect? Then read up on our interview with Jen Scharien, Founder of Finlotus, located in Victoria, BC, Canada.

What's your business, and who are your customers?

Finlotus is a financial wellness company that intends to make money easy and less stressful for everyone. We work with busy professionals and business owners to help you set priorities around money based on your unique life or business, values, and goals. We show you what's happening with your money today and then build a custom plan to manage it day-to-day in line with your values and to achieve your financial goals. Working with Finlotus, you have a personal CFO to help you understand how money flows in and out of your life, analyzing both the numbers and the emotional impact it can have.

We also work with innovative, forward-thinking employers to offer Financial Wellness as an employee benefit. Financial well-being is a highly sought-after benefit in today's competitive talent market. We love being able to help positively impact workplace culture by supporting employees in reducing stress, feeling prepared for the future, and confident about their money.

Tell us about yourself

I used to feel like I was living pay cheque to pay cheque, paying off credit card debt with a line of credit, and stressed that I wasn't saving enough. Once I started educating myself on how to manage my finances and eventually became a CPA, I realized we have a huge gap in how our finance industry is set up to support individuals with their personal finances. I have been working in the Finance industry for 15+ years, and all the knowledge and skills I have acquired have been valuable to progress my career, but something was missing. I wanted to actually help people and make a difference in the world. I realized that I could channel what I learned for my personal finances in my day-to-day life, my industry knowledge, my love of numbers and spreadsheets, my upbeat, positive, and supportive personality, and my desire to help people into a meaningful business that could really change people's lives.

I made it my mission to help people manage their personal finances, redefine financial freedom, and show what that freedom does for their overall mental health and well-being. Every day I am motivated by this amazing mission and my passion for business. I have wanted to be an entrepreneur since I wrote it as one of my career choices in my grade 5 career fair project. I took entrepreneurship classes in High School, specialized in Entrepreneurship at University, and continue to consume content from successful entrepreneurs in the form of podcasts, books, mentorship, speaking events, and more.

What's your biggest accomplishment as a business owner?

My biggest accomplishment as a business owner always comes back to the feedback I get from my clients. When someone tells me that they are achieving something in their life that wasn't possible before working with me, I honestly cannot think of a bigger accomplishment than that. I love creating something from nothing, so every time I see evidence, no matter how small, that I have created something that helps people lead a fuller, happier life, I feel the most amazing joy.

What's one of the hardest things that come with being a business owner?

The fear of messing up. I'm almost hesitant to say that because I don't want to put it in anyone else's head, but I also think there is comfort in normalizing that many of us have the same fears, and so it's not worth letting them stop us from doing something we truly love. Owning your own business is a massive exercise in operating outside your comfort zone, and combining that with having clients/employees/contractors relying on you, can feel like a lot. We all want things to go perfectly all the time, and if something ever goes wrong, we never want it to be our fault. But the reality is... that's not realistic, haha. Fear is part of the package, and I heard a great quote today from Gay Hendricks - "fear is just excitement without the breath." So that's what I try and do, breathe, ground myself, own my mistakes when they come up, learn from them, and become better.

What are the top tips you'd give to anyone looking to start, run and grow a business today?

I am a mother of two beautiful girls, have a loving, supportive husband, a hyper two-year-old Olde English Bulldogge, work full-time in my career, volunteer for a non-profit board to support Equity Diversity & Inclusion in Finance, and co-own a networking business called The Table. Life is busy and full and wonderful, and I love it. What I am getting at here are my top 3 tips for anyone who feels a spark, small or big, to build something they love but are worried about how they will fit it in:

  1. Choose a business that gives you joy and energy, and you will always have the fuel you need to keep going. I am borderline obsessed with my business. I think about it all the time, I work on it in my free time, and I freaking love talking about it with others. It fills my cup. When you love your business this much, it will not feel like another thing on the to-do list. You will create the time and energy you need, so if you already know you love it that much, don't worry about getting started; just start.
  2. You don't have to suffer or take on debt to start a business. You hear all these stories about people who were living hand to mouth, with massive credit card debt, and worried about how they were going to make ends meet when finally their business took off, and they made millions. That's great for them, but I suspect there are others who didn't find that success, and that would be really hard. There are also many people out there who say you need to risk it all, bet on yourself, and go all in because otherwise, it means you don't really believe in yourself. I call BS. You can keep your job, safety net, and comfort zone in all other areas of your life while you nurture the early blossoms of your business. You can believe in yourself WHILE you are paying your bills with a steady paycheque. You can fund your own business with your income, not loans and credit card debts.
  3. It's ok to go slow. That's the other thing that goes around in the incredible entrepreneurial stories. The long days, late nights, no weekend, living at the edge of breakdown before it all pays off. Once again, sorry, not for me. Go at the pace that lets you stay happy, fulfilled, and connected to other people and yourself. Take time to exercise, meditate, read, be with your family, live a big full, happy life, AND build your empire. Taking your time means that you can be more intentional and creative, and you can connect more deeply with your intuition as you build and grow and thrive. The all-in all-the-time may work for some, and if you're one of those people, then you do you. For the rest of us, sometimes we need a nap.

Is there anything else you'd like to share?

Financial Freedom can feel like a massive undertaking in a world that has clasped on to the idea of the FI/FIRE movement (financial independence, retire early). However, Finlotus, with its focus on wellness and not extremes, is introducing a new perspective: that freedom lives in the space between your income and expenses. As the space grows, even incrementally, you begin to feel more free. This is the foundation of the work, and I am excited to bring more freedom to more people as Finlotus grows and thrives.

Where can people find you and your business?

Website: https://www.finlotus.com/
Instagram: https://www.instagram.com/finlotusaccounting/

If you like what you've read here and have your own story as a solo or small business entrepreneur that you'd like to share, then please answer these interview questions. We'd love to feature your journey on these pages.

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