By Julie Cropp GareleckBuzz words like “the 6-figure side hustle” dominate online social channels and have amassed over 3.6 billion search results on Google. It’s a popular sound bite. It almost feels attainable – how hard could it be?
Rather than be swayed by social ads promising this path to financial freedom, let’s follow the data. Reports show that in 2023, approximately 150 million startups exist worldwide, with more than 75,000 startups in the United States, the most out of all countries. It might surprise you to know that 10% of those businesses will fail in the first year, 70% of those businesses will fail in 2-5 years, and 90% of startups will fail overall. The average success rate of a first-time founder is 18%. Of those businesses that do survive, 16% earn less than $10,000 per year and 9% achieve more than $1 million in revenue. The data dispels the myth and reaffirms the reality of just how difficult it is to find success in business. What often isn’t discussed is the physical and emotional toll business can have on business owners and entrepreneurs.
Starting and running a business is a rollercoaster ride, full of unexpected twists and turns. One defining moment for me was when we lost a huge client that represented 80% of our revenue. I was invited to speak in New York City with Chief Marketing Officers from some of the most notable financial brands. It was a pinch me moment in that I was being highlighted on a grand stage with peers I respected. Following the event, I took an employee to lunch at the Ritz Carlton to celebrate this career achievement.
As we sat down to have our $30 salads and over-priced martinis, I received a call from our biggest client. She apologized for the call but relayed that the new CEO was bringing all agency spend back in-house, eliminating the need for agencies like mine. She provided a 90-day notice. It was a gut punch. My biggest fear since landing this client came true.
As I accepted the reality of the challenge in front of me, I motivated myself to get started. I reached out to new contacts, prospective clients, and current clients, exploring every possible opportunity to build back the lost revenue. And within 90 days, I managed to replace nearly all the lost revenue. This experience taught me the importance of financial management and not allowing one client to represent such a large portion of the business.
As entrepreneurs, we must be prepared for the unpredictable nature of business. I attribute my ability to replace the revenue to my mindset, focus, and resolve to take one day at a time until I reach the goal. I was mindful to set my intention each day, set achievable goals, and celebrate even the smallest wins in the process. It’s important to develop habits or use tools that allow you to remain mentally clear, not just in difficult times but also in your day-to-day life.
Closing Statement
As you embark on an entrepreneurial journey, you may not be able to predict a defining moment like this one. It’s your reaction that makes the difference between success or failure. And remember, it’s in the rising and the falling that we evolve. I’d like to think we become the best version of ourselves. Dare to Become, From the Corner Booth to the Corner Office, details the lessons like this one that allowed me to keep reaching for the next milestone.Links:
Website: http://www.juliecroppgareleck.com
Facebook: https://www.facebook.com/juliecgareleck
Instagram: https://www.instagram.com/juliecgareleck/
YouTube: https://www.youtube.com/@juliecgareleck/featured
LinkedIn: https://www.linkedin.com/in/juliecroppgareleck/
Amazon: https://www.amazon.com/Dare-Become-Corner-Booth-Office/dp/1611884012/ref=sr_1_1?crid=2BGFHTQ2K6RKV&dib=eyJ2IjoiMSJ9.phhdkcGJQyzC5w5-tDHZgQ.gLx8qv1te4MtD3mzavL_bUJGRFwO5_j3iUGnZuJqsaw&dib_tag=se&keywords=Dare+to+Become+julie+cropp+gareleck&qid=1715630923&sprefix=dare+to+become+julie+cropp+gareleck%2Caps%2C155&sr=8-1