Women's Biz Magazine Sept 2022

ASK ANNIE...

Surviving Your First Year As An Entrepreneur

No doubt, you've the read the stats and facts than can bring on a cold sweat pretty damn fast, and every part of us wants to shut down the dream before it's even started

Let me tell you, if you are feeling the stress, pinch, fear, overwhelm and have paced around your kitchen at 1am, dare I say, you are right on track. Over the years, we have heard the alarming percentages that 90% of new businesses are shutting-up-shop, before they've even made a sale Erm, first fact fail

Actually, 75% of new businesses survive the first year, 69% survive the first two years, and 50% make it to five years

Sounds better already, right?

I could write an entire book on the first 12-months on the pre-ladder, ladder, which I might one day

However, there are some fundamentals that you need to know from the get-go

Cut yourself some slack: Accept there is going to be some stress involved. One of the most exhilarating aspects of being an entrepreneur is planning and taking risks to grow your business

You will want to bail, so hold your nerve: When every entrepreneur says that you're going to have your ups and downs, they're right The challenge for most entrepreneurs is recognizing when they've reached a peak or whether they are in a valley

Quitting a plan isn't quitting the dream: The biggest thing I have discovered in business, as I need to be more flexible than ever Backing your business requires resilience and rigidity, however, don’t let that rigidity prevent you from changing your actions and goals.

Get out and about (even if you're wiped): There are of course many types of partnerships and having the savviness to identify a potential collaboration is key Networking is more than the exchange of business cards and LinkedIn reviews – it’s about raving from the rooftops.

Keep an eye on your customer: There are SO many moving parts when setting up a business In the first years as an entrepreneur, whilst you have a list of things to do as long as your arm, you need to keep one eye constantly fixed on your customer

Your sacred savings may dent (for now): I feel that so much of being a successful entrepreneur comes down to grit and resilience, and to following your intuition when the path ahead is unclear. You must do what others are unwilling to do.The truth is, you never know what's going to happen and you'd likely be capable of living on less money than you think -- so why not take a chance and live the life you really desire?

You're going to make it!

This is all about trust.

Trust in your business model, trust in your vision, and trust in yourself.

It’s hard to ignore Imposter Syndrome, because let’s face it, we are all human at the end of the day. I trust in you.