First Year Entrepreneur: 4 Victories You’ll Enjoy
If being a first year entrepreneur was easy, everyone would do it. And the success stories of incredible thinkers and dreamers wouldn’t resonate nearly as much. Your first 365 days in a new business venture or endeavor may bring fear, sleepless nights and emotional turmoil. But it will also bring a few very sweet victories.
You’ll learn how to deal with stress–finally.
There will be moments when you aren’t sure you can go on. When you’re certain you’ve made one mistake too many. Tensions will be high, and you’ll feel like your back is against the wall.
Then, slowly, you’ll realize you can fix it, and the storm will die down. You’ll learn from the mistake and will be prepared next time.
As you adjust to the constant, everyday challenges of being a business owner, you’ll quickly learn how vital it is to deal with your stress. Not only does constant stress cause headaches, sleep disturbances and muscle tension, it can also cause anxiety and lack of motivation. Over time, unchecked stress can lead to depression.
You may discover the calming release of taking a walk around the block. You might discover a new album that puts you in the zone. You may find yourself looking forward to cooking, drawing, or playing a round of golf.
Whatever your stress reliever is, it’s important to make time for it.
You’ll learn that your business isn’t just a hobby.
Entrepreneurs are passionate. They have ideas and dreams. They love what they do! Unfortunately, not every entrepreneur has the business acumen to turn a profit. They may report net losses on their taxes for several years in a row, forcing the IRS to reclassify their business as a hobby. This means they won’t be able to claim their business losses on their taxes.
This can spell financial disaster and ultimately, the end of their dream.
Entrepreneurs who are set on success will keep meticulous financial records and documents. If your business is more than a hobby, you’ll invest in the software and the time it takes to keep your business afloat and accounted for.
You’ll learn the importance of planning for taxes.
If you quit your corporate job to chase your entrepreneurial dream, you might not be an expert in tax law. But you’ll learn soon enough.
Many entrepreneurs are taken aback by the amount of taxes they owe when April rolls around. That’s why it’s important to have an accountant on your side.
If you’ve made the (wise) decision to find a great CPA, however, you’ll be well-versed in paying taxes little by little throughout the year. You’ll know what your actual take-home pay is, and you won’t be shocked by the numbers when it’s time to do your business taxes.
You’ll learn that it’s not about the money.
Sure, the IRS expects a legitimate business to make an effort to turn a profit. And money will be a vital part of keeping your business afloat throughout your first 365 (and every year after).
But as you grind through your first year at the helm of a new enterprise, you’ll learn that it’s really not about the money. If you believe in your idea–and you know that, if done right, it can help others–you’ll get a joy from watching your business grow that will pale in comparison to what you feel when you deposit your first check.
The first year of entrepreneurship is tough, but there are victories. Like former American soccer star, Mia Hamm, once said, “Take your victories, whatever they may be, cherish them, use them, but don’t settle for them.” If you’re looking for help in dealing with the struggles of entrepreneurship, or if you’re looking for the next step after you achieve a victory, come find us at Private Label University. Also, join us for our next live event in Colorado so that we can give you the blueprint to a successful business!
