Rebel Road Creative
Marketing Strategy + Content Writing
0

Blog

by elizabeth tuico

Rebel Road Creative: Moving Into Year Six

(By Elizabeth Tuico) In October 2023, I completed 60 months of full-time employment with Rebel Road Creative.

Why is this a big deal? According to data from the Bureau of Labor Statistics, by the end of the fifth year, 50% of small businesses failed. In 2021 alone, over 14,000 businesses in the United States filed for bankruptcy.

I’m often asked for advice on how to start a business. My top responses include:

  • Save money before you go out on your own since income will vary from month to month.

  • Listen to your clients.

  • Change your offerings to meet the needs of your clients.

  • Develop and maintain relevant work samples to show prospects.

  • Commit. Clients are unlikely to hire temporary consultants with one foot out the door looking for their next full-time job. If you are a side hustler, be very transparent with your availability.

What Does a Successful Business Look Like?

FreshBooks research indicates that at year four and beyond, a small business can look for the following markers of success:

  • Better brand positioning

  • Refined process of client acquisition

  • Stronger profit margins

  • Knowing what clients really want

Besides profitability, defining success is different for every business owner. For example, I enjoy working on a variety of assignments. I also benefit from designing my schedule around when I do my best work. I prefer to get up early to tackle a difficult task rather than waiting until the afternoon. Justifying a 6 a.m. start can be difficult when you’re a W-2 employee.

Startup Advice

"Entrepreneurs are the only people who will work 80 hours a week to avoid working 40 hours a week." - Lori Greiner

Running your own business isn’t for everyone. It takes grit, tenacity, and patience. There’s no shortage of advice for would-be entrepreneurs including:

Write a business plan and consider it a living document. (I begin each year with an updated business plan that I revise each quarter.)

Don’t be afraid to make bold decisions and make your own path.

Market research is critical to help determine whether a business idea is truly viable. Look at customer behaviors, economic trends, and the competition.

Performing a break-even analysis remains a solid strategy to determine how much money you need. The formula for break-even point is: Fixed costs ÷ (Item price or service – Variable costs). This analysis can help you determine profitability, how to price products and services, and how much you must sell to make a profit.

Continue to network to uncover new ideas and potential clients. Find an informal group or join an association like SMPS (Society for Marketing Professional Services).

Now plan for the details:

Jump on the Band Wagon

According to Statista and the Bureau of Labor Statistics, 347,000 new businesses took root in Q1 2022. Starting a company isn’t all that hard, but running a successful venture takes time, effort, and commitment.

If you’re a startup, reach out and say hello. I always say there is enough work out there for everyone.

Elizabeth Tuico owns Rebel Road Creative, a marketing and content consultancy, based in Washington, D.C.

Elizabeth Tuico