Shocking statistics coming in hot: According to the U.S. Bureau of Labor Statistics (BLS), approximately 20% of new businesses fail during the first two years of opening, 45% during the first five years, and 65% during the first 10 years. Only 25% of new businesses make it to 15 years or more.
Now, my business has only been open for 4.5 years so far…but this whole ‘journey’ has been alive and well for just over 5 years. And as I pinch myself for making this dream a reality – that took on a whole new life of its own that first year, I’ve reflected on lessons learned to share with you my friends, family, and fellow entrepreneurs.
Here’s where we’re headed.
It’s okay to change your mind.
Don’t put all of your eggs in one basket.
Community is essential.
Balance is what you make it.
Fail forward with consistency and tenacity.
Words matter
Numbers tell a story.
1. It’s okay to change your mind.
More than once even. Circumstances change. Goals change. You learn more about yourself, your craft, and the people you want to serve.
When I started this journey – my goal was to blog and convince my husband through research and logistics within that blog that moving to Mexico was going to be a good idea. Quit my job of course, get paid to blog perhaps, go visit tourist activities – write about our experiences and get comped. I was about a decade and a half too late for that gig.
After a few months of blogging my sweet husband suggests that I should perhaps get a job as the pressure of entrepreneurship on a traveling family of four may be too much to handle. I cried. Wasn’t sure what kind of role I could really qualify for that would allow what I wanted – remote work, on my schedule, spending quality time with my family was non-existent. A few short days of wallowing later James suggested that I pair what I love about personal finance and leadership – and do some coaching or consulting. Fully convinced that the algorithm was listening in, an ad for Financial Coach Master Training soon followed and I was signed up to not one but two courses by October of 2019. Goal changed.
Insert Start of Business
January 2020 – I launched my personal finance coaching practice, complete with a new website and seed money from our savings account to start my business. Fast forward to 2021, I was supporting more and more entrepreneurs with a blend of personal and business finances before I finally called it in 2022 – I was a small business and finance coach. Niche changed.
Keeping an open mind as an entrepreneur…or a human is essential. Things can and SHOULD change. Our original plans may not be the best for us. I had a fire in my belly for doing life differently that I knew I couldn’t give up on – God sent I’m convinced – but the road on which I traveled to get there changed course a time or two.
So, go ahead – change your mind when needed. Don’t get so stuck in the OG plan that you miss out on an even better opportunity.
Also…if you own or manage a resort or experience and would like me to write about it, I’m still game.
2. Don’t put all of your eggs in one basket.
In the Spring of 2022, just a few months into my full, full time coaching, coaches in the Ramsey community were notified that they may change up the way that leads were sent out to coaches, and that work may go in house instead…potentially shriveling up my opportunity to get new clients. Nearly all of my eggs were in that one basket.
With equal parts panic and grit I doubled down on my efforts to diversify my lead sources and hide those eggs in all kinds of baskets where I could see them.
In March of 2022 the bulk of my clients came from these sources:
64% Ramsey Leads
15% Client Referrals
12% Social Media
In June of 2024 the bulk of my clients came from these sources:
27% Client Referrals
27% Speaking Workshops
14% Social Media
14% Ramsey Leads
I don’t recommend moving all of your eggs, or trying to put them in 12 baskets all at once – but do be intentional about your diversification. Save yourself a bit of heartache if someone changes up their program on you….or the internet breaks.
Side note, the program didn’t go in-house at Ramsey but the model changed up a bit. I’m incredibly grateful that I mixed things up when I did.
3. Community is essential.
Listen I worked with incredible teams and colleagues at Providence over my 20 year career, we had a community built into that culture and good people were in abundance.
Now, as a solopreneur I have the best boss situation – but no community all on my own. I tried on a variety of traditional networking hats. I joined the mob. No, really – a Mom Owned Business group but it wasn’t my jam, a little too casual and crafty. I tried Clubhouse for a bit, remember that? During the ‘diversify your leads’ dilemma I joined a BNI networking group that challenged me in ways that I didn’t expect. I kept my one year membership and then took a much needed networking break.
Along the way in 2022 I was invited to join a group of stellar coaches in the Ramsey community to help elevate one another; the Incubators. The relationships that were formed, the memories created and challenges accepted were next level over that two year period.
Missing some camaraderie and community I went ahead and created my own group in 2024 where we can talk about entrepreneurship in real and raw ways, get support and cheer on one another’s businesses. 5 months into the group (see number one – it’s okay to change your mind) we revamped to be less spotlight speaker and more mastermind and the vibe is fun and functional, an incredible combination. If you want to check it out, join the free Facebook group here!
4. Balance is what you make it.
You get to define what balance is to you. The way I do it may not fit your goals or lifestyle. I think it’s important to put some blinders on and create the work/life balance that you alone desire and that works for your family, in this season.
That said, I LIKE working. Genuinely enjoy filling my time with purpose filled activities, some of which come by way of owning and operating this business. It also comes by spending time with my family and friends, alone time, etc. Time is the common denominator here and we only have so much of it. That balance may look different by season of life, or time of year, or other factor – be willing to edit as needed.
Buy back your time as early as you can.
Getting support with tasks that aren’t in your sweet spot, so that you can use that time to work in your sweet spot – is recommendation numero uno.
Your business (or your work life) should support your life – not the other way around. When I started making schedule adjustments to fit what I wanted for my family life…like slowly eliminating Sunday afternoons or weeknight evenings I initially worried that my clients would be inconvenienced, but it all worked out.
Today, my coaching practice supports my Wednesdays off, flexible Friday half-days and a full week off each month for travel or project work.
Boundaries support my mental health, my family needs and frankly increases the value I can provide my clients.
Build out your calendar to support your overall needs in each season of life.
5. Fail forward with consistency and tenacity.
I threw a lot of spaghetti at the wall. Figuratively of course. There were times that the entire contents of the box slid right down the wall and nothing stuck.
For example, I attempted a group coaching program 3 or 4 times before I had one that stuck to the wall. Launching courses is not for the faint of heart either. One summer I utilized an agency to help build out ads for me and spent several thousand dollars…with zero return.
But with each unstuck spaghetti slide down the wall I learned something new. I made adjustments and consistently, continued on.
Entrepreneurship requires some level of tenacity, grit and ability to dust yourself off and keep throwing the spaghetti.
Green light to fail…but fail forward.
When I first got onto Instagram I had my much younger sister in law show me the ropes, and I SUCKED it up sharing posts and stories. There was a time that I re-shot a video for a story half a dozen times before leaving for work, and I was entirely frustrated with myself for how stiff it still turned out. Five years later, I’m a one take kinda girl most of the time and lean into just showing up consistently on the socials – failing forward and leaning into the authentic version of myself that took a bit of time to find, post professional work world. Speaking of authenticity…
6. Words matter.
Sticks and stones may break my bones, but words will never hurt me. First things first – I think this is still up for debate. But more importantly, I’d say that words can HELP you.
Words really do matter. Drawing a line in the sand and deciding who and how I wanted to run my business came back to clarity around values and purpose – with a few words. My personal core values include faith, family with some fun mixed in.
When it comes to my coaching practice the values that are core – and carry through to the other coaches as well are:
Core Values in Coaching
Authenticity – You, whoever you are genuinely is attractive. Okay, maybe not to everyone – but it will be to “your” people. When we show up as our true selves it’s easier to coach and be coached. Letting your ‘professional’ guard down and just talking to others in a raw and real way helps you both get to the heart of the matter, cut the crap and talk truth about a situation.
Encouragement – There is enough guilt, shame, and judgment coming from a multitude of sources; family members, co-workers, the internet, and ourselves. Not in coaching. Our role is to be the cheerleader, the encourager and supporter that shows what’s possible. Be a truth teller that can also help others learn from and let go of a mistake and move forward.
Intentionality – Do life, money, whatever on purpose – intentionally, not by accident. Practice what you preach. Choose your destiny, don’t wake up one day unsure of how you got there. We help our clients do the same.
Mission: Help others increase intentionality with time, talent and money to live the life they’re called to lead.
The mission statement of Journey to Influence has adjusted over time, and who knows some of the words may change again – but at the core the mission is to help others be intentional, so that they can live the life of their dreams. Whether it’s a big crazy dream, or just a stressed-less lifestyle. We are meant for more, purpose and intention comes in a variety of packages but if we’re bogged down with money related pressure, time sucking tasks or in jobs that we don’t give a damn about…we are missing the best of living.
What are your values? Personally? As a family? Business? Use those scribbles on a paper or rolling around in your head to mean more and help drive and direct you.
7. Numbers tell a story.
I’m a numbers gal. I absolutely believe that they help tell a story. I’ve use numbers in my business to help me make decisions and correct my course at times too.
Through trial and error (remember number five?) I learned that I have an emotional and energy cap for 1×1 clients. 15 is my sweet spot, where I can still give enough thought and energy without forgetting important details or feeling completely drained.
The hours that I work have been strange storytelling for me. Coming from a traditional work environment where 40 was the standard minimum expectation or baseline that work life was built from I had a hard time not comparing my entrepreneur life to those old standards.
I had to disconnect myself from an 8-10 hour work day or 40 hour week. Instead, being mindful of my ability to burnout after x hours a day or week or save some gas in the tank for creative project work or just thinking time. I had to break up with the 40. Sometimes that has meant work less than 40 – because the mix of brain and heart work required that. However, this also happens in the reverse…there are times that a project, season, or client requires more than the typical x hour commitment – and you dig in to get the work done, often forgetting what time it is, when your last meal was, etc. The pendulum swings both ways – awareness is essential.
Revenue. Making money is a sign that the world appreciates what you have to offer, and will pay you to perform the task or create the thing. It’s a trade. Money doesn’t equal up to your value in the world or even match up to your own offerings at times. It’s just an exchange, and sometimes you have to work at it or massage it to make it work the way you need it to.
Want to peek under the hood of mine?
My first year in business I made about 20k top line revenue. Second year 40k, third year – and first year full time 80k. Fourth year 100k, and fifth is on target to be 120k. It’s not good, or bad – it’s just a measurement. And I don’t take all of that home either…between taxes, operating expenses, etc. I’m not buying myself a new minivan anytime soon. Actually never. I’m never buying a minivan.
Use numbers to tell your story, and help you make edits and adjustments as needed.
Wow. Well, that was a trip full of nostalgia and memories.
Whether you’ve been with me from the beginning when this whole journey was to influence my husband to move to Mexico to the current state of small business and finance coaching – I thank you. Writing for someone, and having a platform to share my stories, insights, and…influence has been an outlet that I didn’t know I needed both personally and professionally.
