Buzzwords like “six-figure side hustle” have dominated online social channels and generated over 3.6 billion search results on Google. It’s a popular catchphrase. It sounds achievable. Is it really that hard?
Don’t be fooled by social ads promising a path to financial freedom, follow the data. According to reports, there will be approximately 150 million startups worldwide in 2023, with over 75,000 startups in the United States, the most of all countries. You might be surprised to know that 10% of these companies fail in the first year, 70% fail within 2-5 years, and 90% of startups fail overall. The average success rate for first-time entrepreneurs is 18%. Of the companies that survive, 16% make less than $10,000 in annual revenue, and 9% make more than $1 million in revenue. The data dispels the myths and reaffirms the reality of how difficult it is to succeed in business. What is less discussed is the physical and mental toll that business takes on business owners and entrepreneurs.
Starting and running a business is a rollercoaster, full of unexpected twists and turns. One of the defining moments for me was when we lost a major client that accounted for 80% of our revenue. I was invited to speak in New York City with the Chief Marketing Officers of some of the most well-known financial brands. It was an incredible moment to be in the spotlight on a big stage with my respected colleagues. After the event, I took my employees to lunch at the Ritz-Carlton to celebrate this career achievement.
As I sat down to eat my $30 salad and overpriced martini, I got a call from my largest client. She apologized for the call but told me that the new CEO was bringing all agency spending back in-house and would no longer need agents like me. She gave me 90 days notice. It was a shock. My biggest fear since acquiring this client had come true.
Accepting the reality of the challenge ahead of me, I fired up and got to work. I reached out to new contacts, prospects, and current customers to explore every possibility to recoup the lost revenue. Within 90 days, I was able to make up almost all of the lost revenue. This experience taught me the importance of financial management and making sure that no one customer accounts for the majority of my business.
As entrepreneurs, we must be prepared for the unpredictable nature of business. I credit my ability to supplement my revenue to my mindset, focus, and determination to take it one day at a time until I reach my goal. I made sure to set intentions every day, set achievable goals, and celebrate even the smallest victories along the way. It’s important to develop habits and use tools that help you maintain mental clarity not only during difficult times, but in everyday life as well.
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Source: Spiritual Media Blog – www.spiritualmediablog.com
