My Business Grossed 50% of What It Did Last Year in the Past Three Months
My best year in business was 2019 when I grossed more than I did at my last full-time job by $10,000. I felt so confident and excited that my work was gaining traction.
Then COVID happened.
Like many businesses, mine took a hit. When restrictions finally eased and business resumed its normal volume, mine didn’t.
Between 2020 and 2024, I contributed thousands of dollars in personal funds to my business to keep it afloat. Not only were my personal finances suffering from not being able to pay myself, they were additionally challenged by these contributions.
For five years my business struggled, and so did I. My husband and I faced some major life challenges in 2020/21, which further exacerbated the situation. Our emergency fund was quickly drained, just as my business’ emergency fund had been.
There were many times I considered getting a job. I searched for part-time and full-time opportunities, but it didn’t feel right. Something kept telling me to persevere and that my business is what I’m meant to be doing.
The shift
Last year, 2024, I grossed half of what I did during my best year of 2019. But towards the end of the year, I felt momentum building.
When I ran my Q1 numbers for this year, I was astounded. I’ve already grossed half of what I did in the entirety of 2024 - in just the past three months.
Which means that if I continue this trend, at the end of this year, I’ll have earned what I did in 2019.
I’m finally meeting my goals
I’m so grateful for this shift. I can’t even begin to describe how much lighter I feel. My business is able to pay its bills on time, I’m able to pay myself consistently, and I even made my Q1 estimated tax payment the day after the quarter closed.
I’m meeting my 2025 financial goals, having made a large contribution to my HSA and increasing my SEP IRA contribution from $30 to $45 a week. And I’m rebuilding my business’ emergency fund.
How I’d Build My Business’ Emergency Fund (If I Could Do It All Over Again) →
Reflections
While the past several years have been defeating, I believe I was given the lesson of struggle to better relate to business owners experiencing it.
Your income is out of your control when you’re self-employed. You can do your best and be willing to put in the work, but if clients and customers aren’t coming in, there’s little you can do.
Having this perspective has allowed me to revise my online courses to include preventative strategies to financial challenges—and given me the empathy to help others going through these stressful situations.
I’m grateful for this experience, and even more grateful to be moving beyond it.
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Hey there! I’m Meg:
LOVER OF CATS, ROLLER SKATING, AND VW BUGS
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