I remember a very wise entrepreneur told me to hang on tight to that 5-year mark. It seems that with any business or new venture, it takes time to really take hold and take off and that’s what that 5-year mark is all about.

Listen, the stats don’t always lie. According to the Small Business Association over 50% of businesses fail after the first 5 years. Why, not quite sure, but I believe I have a hunch.

  • The first year is magic. You’re ready to conquer the world and show everyone how you plan to dominate your business sector.
  • Then by the second year you start to waver a bit, but the passion is still strong.
  • After the third year, you may start to be experiencing burnout. You’ve put in hours and hours of time, have that magical dollar amount in you head you want to make, yet you are still short of making that goal.
  • By the fourth year, you start to wonder why you even started your business. The funds aren’t what you wanted them to be, the work is daunting, you feel defeated more times than not, and your hand is hovering over the quit button.
  • Then your fifth year arrives. All of a sudden, the work is starting to pay off. You’re getting your stride. Things are starting to happen and now you have hope again.

I remember at the end of my fourth year I felt like I was standing at the edge of a cliff. When I looked down all I could see was darkness. I had no idea how deep the ravine may be. It could be just a simple step forward and I would land on soft grass or it could be a long way down with a fall that could be never ending. But how could I know unless I took the leap? It was the scariest leap I’ve ever had to take. Because I knew, if this year didn’t work, I was done. That was my promise to myself and my family. Now here I was at the cliff, sweating, my heart pounding in my ears. Do I take the leap? Or do I take the safe road and simply walk away from the cliff and get a job?

I took the leap and have never looked back. It was the best decision I ever made. That’s why I call it the magic of 5. That year things really started to take hold. That year where the money started to come in three-fold. That year I took a leap of faith on myself and my business.

I truly believe that each business venture has that magical 5-year mark. Granted some may peak much quicker than others, but I believe that once you hit that fifth year you truly know your who, what, and why you started your business.

If this sounds familiar, all I can say is hang in there. Try your best to get to that 5-year mark, because it’s truly magical when everything starts to come together, and your hard work starts to pay off. The year when you start to see your financial goal being met. The year you took the leap of faith and won.

Here’s to your business success.

Katrina Garcia

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