Wondering when you’re going to hit that $5k business growth month? If you’re on the verge of giving up on yourself and your business – I have some straight up facts for you that you’re going to want to hear.
In this episode of the Wealthy Coach Podcast, I am sharing what a typical business growth timeline looks like, and what you can expect in growing your business.
- why the first year of business is so damn hard
- what year you start succeeding in business
- 3 ways to get by financially in the first year
- how long it typically takes to reach $5k
- DIY-ing vs mentoring – the best path to take
Resources mentioned in this episode:
Listen to the episode:
I have been in business for seven years so I have been through it all. I can tell you with 100% confidence that you WILL find your stride in business if you’re patient, consistent and be rock solid on your self-belief.
I want to give you an idea of how long it really takes to grow a business when you’re just starting out. There seems to be an unrealistic perception amongst new coaches of how long it’s really going to take them to be successful. What I will tell you is very few businesses are profitable right out of the gate.
There are two pathways you can take when starting out your business. There’s the pathway that includes a mentor to guide you and coach you, and then there’s the pathway of doing it all yourself. I did the DIY path for the first two years of my business, and I do believe that if I had gotten my mentor sooner, I would have been a lot more successful sooner.
This is because the first year of your business is the hardest. A lot of people aren’t profitable in their first year. So having a mentor allows you to sort out what is important and avoid having to make more mistakes than you need to. Don’t get me wrong, you will still make mistakes with a mentor, but you’ll make less than if you had zero guidance.
Unfortunately, because of the hardships of not making a ton of money, and the stress of starting something new, most people don’t make it past their first year in business because the people who gave up did not give themselves enough time to succeed. And you won’t know if you’re succeeding until around the three-year mark, because that’s typically when you really start to hit your stride. So it’s important to remember that running your own business requires patience. And it requires you to have a deep belief in yourself.