6 Lessons Learned After 6 Years As An Entrepreneur
Last month made it 6 years since we started The Humble Penny and we've been reflecting on what we've learned this year 😀.
If you want to start a side hustle or business, taking that first step is key.
Most people can become entrepreneurs and even do it alongside their day job if they want.
However, from a mindset perspective, it's important to go into it with the right intentions, put the work in and stay flexible to learn daily as things change.
Recommended: Start a side hustle that pays you recurring income monthly
6 Lessons Learned After 6 Years As An Entrepreneur
Here is what we learned about running a business in our 6th year:
1. From Blogger to Author
Although a lot of people know us from our YouTube videos, what some people don't know is that we first honed our skills by starting a blog.
I would write and my wife, Mary, would design the creative assets.
This year made me realise what all those years of blogging were preparing us for.
Not only did our blog grow in authority, but we also published our debut book📕.
This year taught me that writing for fun opens up more possibilities than you can imagine.
Did I think that one day I'd become an author? Heck no!
I just wanted to do something creative that helped others outside of my boring job.
The identity of an ‘entrepreneur' is something I've gradually embraced over time.
2. Tracking Sleep
We tracked our sleep scores this year and this has helped to improve our results and change our behaviours.
Aiming for an excellent sleep score means that we force ourselves to sleep 7 to 8 hours a day now 😴.
This helps us have 4 sleep cycles which helps with physical and mental recovery.
If you'd like to track your sleep score, I use this watch.
What gets measured gets improved as you know. So start today.
3. 80% Writing, 20% Working
In the last 12 months, I spent around 80% of my working time writing📝 and 20% on other business activities.
Yet, our business and platforms still ran smoothly though not perfectly.
This reminded me of the importance of having systems that do a lot of the heavy lifting.
Plus, freelancers who work a few hours a month to help us keep things moving.
This way you stay lean and still get great results 💪🏽
My point here is, that when you start a side hustle or a business, you have to treat it like one.
Get some help and don't do everything yourself.
Otherwise, you're simply creating another job for yourself.
Recommended: 12 Lessons From 5 Years of Entrepreneurship
4. Planning The Year
To stay ahead, we planned the full year 📅.
On an Excel sheet, we create both a multi-platform plan for content and a plan for income over 12 months.
This way, we never go into the new year blind.
We then focus on 12-week cycles of activity.
Note that we've not always been this organised. It has taken 6 years to get here.
However, if you adopt this mindset for your side hustle or business, you'll flourish.
5. Continuity As a Platform
We learned the importance of sustainable business models e.g. Starting memberships.
This not only creates continuity but creates community and a space to truly learn the problems you can help your community solve.
In the age of AI, having a sustainable business model🔋is what will help you protect your income.
I think it has never been easier to start.
You can join our free 5-day challenge to learn how.
6. Reinvest In Other Assets
Applying my Personal Finance skills, I've learned to reinvest at least 20% of any profits in other assets🪴outside our business.
This helps to sow new seeds and create a balance in the seasons when things don't go well.
It ensures the sustainability of our work, meaning that we'll be around for longer.
I think this is where a lot of small business owners fail.
They put all their eggs into one basket and don't diversify.
Bonus tip – Give
We've enjoyed giving this year beyond the 95% – 99% of everything we already create for free.
Giving the gift of mentoring or fully paid scholarships or financially supporting others starting out in small ways, has been very rewarding 😊
Giving isn't just about money. Give your time, talent, network, etc
What matters is the heart with which you give 🫶🏾
More to read about becoming an entrepreneur:
- How I Make £4,596 Per Month and Growing
- Want to start a business but have no ideas?
- How to Start a Business: 10-Step Guide
More to watch about becoming an entrepreneur:
👉🏽 Are you thinking about starting your own business or side hustle? What is the biggest pain point or struggle you have? 🤔. Comment below
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