There’s a formula in our profession called the 1/3/5/7 Formula. As a general rule,it will take you about one year to become competent and profitable. It will take about three years of consistent part-time effort to go full-time. It will take about five years of consistent effort to become a six-figure earner and seven years of consistent effort to become an expert.
It takes 3-5 years to establish a sustainable business. If you make it past 2 years you have a pretty good chance of surviving. Pivoting and iteration are a never ending process based on customer intimacy and continuous primary market research. Stage 1 of the business is to find product-market fit. Most never do.
There is a book that I like called the 10X Rule which says it takes about 10X longer than you think and is 10X harder. It has proven to be true for us. When I started I figured I'd make 6 figures in a year or two because I could get to that profit in sales. I didnt realize how much "other work" is really involved in owning a business. I thought Operations people unnecessarily overcomplicated stuff. Turns out lots of it was needed stuff. I imagine operations people would have the same problem in reverse, they may quickly realize the sales people they thought didnt do much actually did do something. :)
my answer is it is much harder than you think or will take much longer. If it is super easy, your starting goals were too small to begin with.
My attitude, you are always trying to grow professionally, personally, and in relationships both personally and professionally. Never, never acept that you have "Made It" and stop trying.
Being from a completely different background this is all a learning curve for me. Success definitely means different things to different people. I am far from the financial success I am striving for, but, I am a much different person then when I started this journey. That to me is success. The tools and personal growth required are a gift and success in themselves. I believe once you grasp that concept the rest requires the most simple but hardest work you have ever done .
That depends on how you define growth, monetary or market penetration. In our case we knew upfront we needed the better part of a year to get our message out so we established phases, phase one, get the message out in a broadway, phase two focus on on target markets, phase three expand the target markets, overall a cycle of approximately 24-months.
Answers (1-10)
There’s a formula in our profession called the 1/3/5/7 Formula. As a general rule,it will take you about one year to become competent and profitable. It will take about three years of consistent part-time effort to go full-time. It will take about five years of consistent effort to become a six-figure earner and seven years of consistent effort to become an expert.
It takes 3-5 years to establish a sustainable business. If you make it past 2 years you have a pretty good chance of surviving. Pivoting and iteration are a never ending process based on customer intimacy and continuous primary market research. Stage 1 of the business is to find product-market fit. Most never do.
There is a book that I like called the 10X Rule which says it takes about 10X longer than you think and is 10X harder. It has proven to be true for us. When I started I figured I'd make 6 figures in a year or two because I could get to that profit in sales. I didnt realize how much "other work" is really involved in owning a business. I thought Operations people unnecessarily overcomplicated stuff. Turns out lots of it was needed stuff. I imagine operations people would have the same problem in reverse, they may quickly realize the sales people they thought didnt do much actually did do something. :)
my answer is it is much harder than you think or will take much longer. If it is super easy, your starting goals were too small to begin with.
My attitude, you are always trying to grow professionally, personally, and in relationships both personally and professionally. Never, never acept that you have "Made It" and stop trying.
Still growing my business, Have a small steady repeat customer base.
Being from a completely different background this is all a learning curve for me. Success definitely means different things to different people. I am far from the financial success I am striving for, but, I am a much different person then when I started this journey. That to me is success. The tools and personal growth required are a gift and success in themselves. I believe once you grasp that concept the rest requires the most simple but hardest work you have ever done .
31 years of patient endurance and hard work but well worth it. Our mission of building a family legacy has been accomplished.
...still growing...hopefully, it will never stop growing...
That depends on how you define growth, monetary or market penetration. In our case we knew upfront we needed the better part of a year to get our message out so we established phases, phase one, get the message out in a broadway, phase two focus on on target markets, phase three expand the target markets, overall a cycle of approximately 24-months.