We Need to Talk About Making 6 Figures in Your First Year
I told you I made 10k this month and I bet in your head you thought ’10K x 12 = 120K, holy shitballs! Halley must use money as toilet paper! I’ll hire her and she’ll teach me about making toilet paper money!’
Check yourself, friend.
I’m not going to shoot hot air up your petticoats about it because that will lead to a lot of broken dreams.
The problem with reporting highlights is the math.
A business owner tells you they had a 40K month and you nearly jizz yourself with excitement because you think they are raking in a neat half mill.
I went into my first month of business (with 5 subscribers, a handful of connections and only a couple of clients) thinking I could make 97K like Ash Ambridge did in her first year. (A. I admire the shit outta her and B. why not me?)
That did not happen and it made my life hella hard to have such an unrealistic goal.
I’m one month away from the end of my first year and this is what’s happened:
- I’ve had my first 10K month (11 months into working for myself).
- In September & December 2013 I made $150 and $200.
- I’m currently booked out till January 2015.
- Monthly incomings going forward = approx. $4,000.
- I’ve accrued debt due to being in business (I paid half of it with the 10k month).
- My newsletter has about 200 people on it.
- My launches usually sell out but I’ve had failures (three launches so far have bombed out of 9).
- I’ve had a deluge of self-doubt because I’m not sure if these numbers are good (and they most certainly didn’t meet my 90K expectations).
- I’ve come close to quitting multiple times because my financial dreams were not getting met.
- My monthly income is doubling every 6 months.
- July 1st marks my first full year of business owning and I’m currently at 33,518.54 for incomings this year.
Having high goals is great but making it thru the first year of business means having realistic expectations. There’s a reason why half of the people who started their businesses at the same time as me aren’t doing it anymore. This is hard and you need to know what REALLY happens (for most not just the outliers).
It’s not fair that other business owners tell you you can make 6 figures in your first year. It’s dangerous and sabotages a lot of amazing businesses and people.
Instead let’s focus on you doing this daring & risky adventure with the best results possible. By releasing the financials from being the end-goal and making it about your clients and their results you make the world a better place and make it easier to be booked out in advance.
If you’re still hell-bent on your 6 figure goal for your first year, I get it. (I’ll support you no matter what you decide.)
Here’s how you can do it better:
- Write AMAZING, high-quality content.
- Build your list for products. (You don’t need a MASSIVE list to make enough money to thrive in your first year but if you want to start topping those high 5 figures/6 figures you need a bigger audience to sell products to which means a list.)
- Develop connections – be a real person and connect with the newbs, up & coming and established – don’t throw someone out because they don’t have a big enough following. That shit is petty.
- Invest wisely in your business – website design, equipment, tools, training/coaching. Don’t keep buying for the sake of it.
- Have a plan.
- Build in realistic expectations.
- Save up as much as possible.