As Toyi Ward (MaxiMom) points out, hitting this 1-year milestone can be challenging. Statistics show a failure rate of new businesses in the first year range from the sensationalized 90% to a more reasonable 26%.
Ward says, "The pressure to give up my flexible schedule and autonomy for the 80-hour work week was knocking at my door. But like all entrepreneurs, the love of what I do drives my tenacity."
So, as someone who just formed her own LLC, I wondered if Ward made enough money to support herself.
She writes, "I can’t forecast my cash flow out 6-months. I can pay my bills monthly and on time. With all the economic doom and gloom around us, it's easy to fall back into the safety net of regular paychecks and paid vacation. So, I surround myself with other women business owners who are struggling with family and work demands and meeting the challenge."
If you've survived your first year in business as an entrepreneur, please share the key to your survival!