Insights + Inspired Action Steps to Live
In Your Business Sweet Spot
Is your business sustainable?
This is such an important piece of the entrepreneurship puzzle and I don’t think it’s talked about enough. We are in a current entrepreneurial culture right now that seems to worship the hustle, the badge of honor that comes with saying, “I work 12 hours a day,” or 16 hours a day. “I’m putting in 80-100 hour weeks.”
But, I shared some statistics recently in a new master class called Break Free from the Feast or Famine Cycle.
One of the things that really shakes me is that despite the rate of people starting new small businesses, 80% of those small businesses will close their doors within the first 18 months.
The survival rate beyond that is abysmal. It’s terrible. Most people simply are not making sustainability a part of the conversation when they are starting their business and running their business.
After being at this for nearly a decade on my own, I’m here to tell you that if you’re in your business for the long haul:
Sustainability is just as important as profitability.read more
75% of women entrepreneurs earn less than $50,000 a year in revenue.
That might be fine as a salary… but as an annual revenue for a business? By the time you pay your business expenses and taxes, then figure out how much you’re actually earning per hour, it’s easy to see why 80% of entrepreneurs give up after 18 months.
And for the 25% who do earn more than $50,000… only 12% break the six-figure mark in their business.
I learned these stats a few years ago when I was invited to go to Washington DC to speak on a panel at the US Chamber of Commerce about women in business.
When the panel was over, for the next two hours I talked with women who had tons of questions about how I as able to not only create my business, but create a business that 100% supported our lifestyle and even allowed my husband to retire from his teaching career to be at home with our family.
Answering questions from the women at this event started the inquiry – What is keeping these women from breaking through from 5 to 6 figures?read more
When I started my career in the traditional consulting world, if you were serious about your career – deciding to become a mom put you on the ‘Mommy Track’ if you weren’t willing to work the 10-12 hour days.
I started my business because I knew I wanted to be a mom with the freedom to spend time with my family and enjoy these precious early years of my children while doing work that I loved. I knew it was possible to have both a family and a career.
Over my entire career as an entrepreneur, I’ve experienced two high-risk pregnancies complete with bed-rest and IV fluids for hyperemesis, sleep deprivation, juggling babies then toddlers then school age children… and I’ve steadily built a multiple six figure business.
It hasn’t been an accident. But I have to say that looking back over it, I share a lot more perspective now on what worked, what didn’t work, and how I continue to move plan my business around my family as the mom of three little people.read more