By Peg Corwin
Meet Lauren Peddinghaus – owner of Haus Financial Services and Featured Business Owner at SCORE Chicago this week. Learn how she started, and what tips she has for your success.
What is your company’s elevator pitch?
Haus Financial Services, LLC provides financial and administrative processing to small condominium associations as an alternative to traditional property management, at fees that fit their budgets.
What inspired you to start your business?
I was inspired to start my business as a result of my experience serving as Board Treasurer for my own 12-unit condo association. When I sold my unit and turned over the Treasurer duties to another owner, I ended up getting a lot of phone calls with questions about how to handle the financial responsibilities of the association – she did not have the skills or tools to handle the job on her own.
Who are your clients, and give an example of how you served that person or business?
My clients are primarily condominium associations under 20 units. Our financial focus and knowledge of condo law has helped one client to recover almost $20,000 from foreclosed units in their building. They may have missed out on those funds if they had not hired HausFS to help them manage their financial processing.
What is your biggest business challenge?
My biggest challenge in my business is educating condo owners about how condo living works. Many owners have no experience when they purchase a condo about the legal, administrative and financial aspects of condo living, and there is a lot of misinformation floating around out there.
What are your Mentors names and how they have helped you in your business?
I have been working with Mark Lieberman and David Blitz since May. They have helped me to create concrete goals and to develop specific strategies for growing my business. It’s great to have an objective and supportive third party with business expertise to brainstorm with!
What advice would you give other entrepreneurs?
I would advise other entrepreneurs to find support from experts, such as the SCORE mentors, and to treat every setback as a learning opportunity. Even when something doesn’t work, it allows you to regroup and keep working toward the right solution. Nothing is ever “done.” Owning a small business means constant adjustment and change, or you cannot succeed.
What is your website for further info?
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Disclaimer: SCORE Chicago helps small business owners manage and grow their businesses. We help startups write business plans and launch. Nevertheless, our involvement should not be considered as an endorsement.