When I first started this entrepreneurial journey, I did it with the intention of replacing my 9-5 income. I knew it wasn’t going to be easy but I was prepared to do it all because I had this fire inside my soul. After 7 months of trying I hit my first 10k month – it happened at the beginning of this year. Now I am stuck between 30k and 40k per month. Good problems to have but each level has its challenges.
Here are some key takeaways I wanted to share with you about hitting your first 10k month…
Gratitude Is a Lost Art
I wrote on my instagram that it’s really hard to focus on the good sometimes. It’s specially hard when your business is going 100mph and you are trying to build systems as you go and moving pieces as strategically as possible because you foresee burn outs and also inconsistency.
Even though amazing things are happening your business can block gratitude from your line of sight.
When I realized that – I understood why it was so important for me to journal. Now I know why so many successful entrepreneurs recommend journaling.
10k – (10K x .30) Minus Cost To Run Your Business and That Groceries Run..
Honestly, ten thousand dollars is not a lot in the realm of running a business. I say this with a heavy heart and hopeful that you see beyond this coveted number and set milestones in your business that build you up for the long run.
You see so many people on the internet claiming that they are extremely successful and sometimes the post itself is not really claiming much except that they hit their first 10k and we inherently think “gosh, that guy/gal made it”…. Except they didn’t.
10k is more like 5k. That’s what you are actually bringing home when it’s all said and done.
You have to pay your accountant, then you have to put money aside for taxes and if you have a team member – you have to pay them!
Don’t make the same mistakes I did and make sure that you are very aware of your numbers.
I’ve hired Rachel Michaelov for my accounting and you should do the same. If you are not there yet, please make sure you follow her. She puts a ton of value for us entrepreneurs.
Take Your Business Seriously
There was a time when I actually charged $1 per blog post. There was a time that all I cared about was building my portfolio. That’s how I’ve gotten a chance to work with amazing entrepreneurs like Marley Baird, Stephen Larsen and so many others I cannot disclose because of my NDAs.
But even to this day I take my business seriously. My husband always talks about making sure that at the forefront of everything we do – we are doing good business.
So when we don’t fulfill certain expectations for example, we make sure we do. So the guarantee of us always delivering excellence is something that we take pride in.
It’s important that you take your business seriously and focus on the money generating activities that make your business thrive. When Gary Vaynerchuk talks about hiring fast and firing faster, he wasn’t joking. This year at almost half a million in revenue – that was one of the toughest lessons I had to learn.
Your name and your reputation is everything. Ask yourself… How do you want to be known? What do you want to be known for? Don’t strive for perfection. Strive for excellence.