What’s it like to fail in business in your first year?
In February of 2019, I left my full-time job to become a full-time blogger. The first few months were amazing.
However, after six months I realized how unprepared I was to have taken such a big step. Regardless of how ready I thought I was.
Long story short I failed in business my first year. I think being an entrepreneur is amazing, but I find the lifestyle to be glorified. It is refreshing, but it isn’t all the rainbows and sunshine that people make it appear. Here is everything I want you to know before you take that step to pursue your business full time.
Here’s What I learned after I Failed in Business My First Year
Don’t Quit Your Day Job
If you can help it I would suggest keeping your day job until your side business is providing enough supplemental income. I did have money saved up from when I quit my job.
However, It was almost a year before I made any sort of income from my blog. As I progressed in my blogging journey I realized that I was going to have to invest in order to excel.
This would have been easier to accomplish had I kept my day job.
I am a natural go with the flow type of person. I didn’t have any goals set when it came to my blog. That type of strategy wasn’t going to cut it if I wanted to succeed. The only thing I knew was that I wanted to make money.
However, planning allows you to see the bigger picture. Goals also hold you accountable. It’s great to have big goals such as one day making six figures from your business. I also suggest setting up smaller goals that are going to help you get there.
Plan your goals based on where you want to be a year from now
One thing about starting a business is that it is easy to get discouraged. I encourage you to make goals based on sustainability and long-term growth.
Some of the things required to be successful seem minute. It’s the dedication to the small things that you don’t think about too much that leads to success. It’s important to focus on growth instead of where you are right now.
Being an entrepreneur can be lonely and isolating. As a natural introvert, I found having to network daunting. However, I found that networking with people in my niche allowed me to reach a level of success I never would have achieved on my own.
Don’t Believe what internet marketers tell you
Listen, I love living the laptop lifestyle. However, I find entrepreneurship to be glorified.
Many who are successful online didn’t start making money until their second or third year of being in business. Which is what they don’t tell you. If it was easy everyone would be doing it.
Unfortunately, I found that some experts make it seem that is easy by persuading you to buy their course. This leaves a lot of people like myself being frustrated and confused.
I have had quite a few conversations with new bloggers who wish there was more transparency with those who market themselves as experts.
It would be amazing to make $30,000/month blogging. I had to learn that it is important to be realistic about where I am.
Being realistic allowed me to continue to be encouraged. The gradual changes started to become more encouraged. In 2018 when I wasn’t working on my blog full time I only had 300 page views for the entire year. By the end of 2019 that was not the case.
Work on It Everyday
In order for change to happen, you have to work on your goals every day. Whatever you want to do work on it little by little.
As Will Smith once said in an interview “ You don’t try to build a wall. You don’t set out to build a wall. And you don’t say I am going to build the greatest wall that has ever been built. Instead, you say I’m going to lay this brick as perfectly as a brick can be laid. While doing this every day you will eventually have a wall.”
Don’t expect a miracle to happen
The focus when in entrepreneurship should be on progression over perfection. When I started I thought that I going to hit big numbers overnight. When that didn’t happen I become discouraged. As I said before it can take many months or years before you actually start making money. The only thing you can control is practicing consistency.
Meet Yourself where you are
It can be easy to think that all you need is that one course to reach success. I suggest meeting yourself where you are. There were so many things that I bought that I didn’t need.
For some reason, I always thought if I buy that one thing maybe it will be the reason why I become successful. If there is something ridiculously out of your price range its probably because you don’t need it.
Find an accountability partner
Being an entrepreneur is easier when you have someone that can hold you accountable. Unfortunately, one thing I learned in my first year is that your friends and family may not support you. Sometimes it’s not that they do not want to. It could be that they do not understand. Get out there and find someone who is going to help push you and not give up. I only had one person in my life who was able to do that. If I did not have them I would have given up.
Stick to One Thing and Give yourself Time To Get It Right
As I have mentioned on of my main focuses when starting was making money.
There are many ways to make money online. Some people make most of their money from ads, affiliate marketing, or selling courses. There is more than one way to do it.
The mistake I made was trying to do it all at once. I would see little results in each area, but not enough to make an impact. I now know had I focused on one thing I would have progressed farther.
Create a routine
Before I became an entrepreneur. I was a go-with-the-flow type of person. However, this mindset did not get me far in my journey. All it did was cause me unnecessary stress.
I was always in creating mode. Establishing a routine helps me create more by doing less. A routine allowed me a chance to breathe and focus more on what works.
Practice Self Care
Self-care is imperative to entrepreneurship. Our society loves hustle culture. However, it left me stress. I was getting burnout doing something that I love. Self-care allowed me to take a step back and breathe.
I now have a better understanding of why many people think that rich people are cheap. I think rich people remember what it was like to be broke.
It hurts to use your last on your dream and hopes it will work out. I have done it more times than I should. Budget in your personal life and in your business.
Budgeting helps you spend money where it matters. It also forces you to meet yourself where You are. Not budgeting was one of the biggest reasons why I felt I failed in business.
Keep Track Of Your Expenses
A mistake I made during my first year of business was not keeping track of my blogging expenses.
Blogging eventually became an expensive hobby instead of a business. I was spending more money then what came in. Most of the things I was spending my money on with things I did not need.
Don’t make decisions off of the possibility
When starting entrepreneurship is important to meet yourself where you are. Marketers know how badly you want to be successful and they feed off your emotional struggles. I found if I couldn’t afford a course or product is because I didn’t need it.
Part of entrepreneurship is about experimenting. it is important to have fun in your business. Being a blogger is the best job I have have ever had. Finding out what works is part of the process. This journey has pushed me to what I didn’t think was possible.
Your Time Will Come
When I started I found it hard not to covet someone else’s success. What I didn’t realize was the behind-the-scenes.
Many entrepreneurs did not reach success until two to three years after they started. Some were on their second or third business. The biggest thing is to not deny the process.
They work for their success it doesn’t happen overnight. Nobody becomes Beyonce overnight not even Beyonce.
Create Every Piece of Content Like It is Going to Go Viral
Always do your best. Create every piece of content like it’s going to go viral. When you start it’s not that your stuff is bad. It’s just that it’s not getting noticed.
Have you ever randomly come across someone’s content then you check out all the rest of their content because it’s equally amazing.
This is what happens when you create every piece of content like it’s going to go viral because one day it will.
Find Your Niche and Where Your audience hangs out.
As an entrepreneur, you have to find your niche and where your audience hangs out. Once I realized this making content became easier. I know that I’m creating something that my audience is interested in.
The Real Lesson I learned After I Failed in Business
Since I failed my first year in business I wanted to bring awareness to what I learned.
There is a beauty to entrepreneurship that cannot be taught only learned. The triumphs I experienced in my first year made me a better businesswoman. It helped me find my voice as a writer and how I wanted to add value to those who come across my website.
There is power in my voice. There is power in my experiences. Even though I fail my year in business that doesn’t make me a failure.