Amplify Podcast

Episode 29: 8 Lessons I’ve Learned after 8 Years in Business

December 2, 2020

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2020 has been a whirlwind of a year for many reasons- so much so, that I almost missed recognizing the eighth anniversary of when I launched my business! 

Eight years ago in November, I quit my dream job as a TV news reporter and started a public relations agency, Richett Media, which I rebranded to HAPPY PR a couple of years ago. 

You know the saying about how most people overestimate what they can accomplish in a year and underestimate what they can accomplish in 10 years? My eight years in business proves this to be so true! I can look back and see how there were times I was so rushed to achieve a certain level of success in just a year and fell short. But overall, I’m in awe of what I was able to accomplish with eight years. 

I went from working nearly every holiday and waking up at 2:30 a.m. as an underpaid news reporter, to running a highly profitable business, that blesses not only my family but others-  and best of all, on my own terms. I also… 

  • Learned how to start and scale a bootstrapping business 
  • Hired dozens of employees, contractors, and vendors over the years
  • Earned a 2 Comma Club award from Clickfunnels for earning more than a million in revenue from one sales funnel
  • Got married and had two babies (with another on the way)
  • Traveled around the country speaking at conferences, representing clients on-air, and executing PR campaigns
  • Launched a podcast, an online coaching program, a column in INC.com and a video column in Entrepreneur.com
  • Did a rebrand and designed an office
  • Interviewed dozens of top thought leaders, authors, and entrepreneurs like Gary Vee, Russell Brunson and Lewis Howes
  • Worked with dream clients and some of the fastest growing businesses in the country 
  • Survived a pandemic that shut down nearly 80% of our business

I’ve also made a ton of mistakes and learned from (hopefully) all of them. I’ve grown as a person and have celebrated many milelstones along the way. The entrepreneurial roller coaster has been quite a fun ride and one I’m very grateful for!

It’s hard to narrow down just eight lessons or takeaways over these years, but today I’m boiling down the ones I thought would be most helpful for others. 

Here are my top eight lessons in eight years of business:

 

1- Give yourself permission to fail.

Ask yourself: What is the worst-case scenario? What do I have to lose? Chances are, your worst-case scenario is more manageable than you think, and weighing the possibilities may give you the confidence to risk failure. 

Then, flip the question: What is the BEST-case scenario? What if I succeed? 

 

2- Keep it simple.

You can try different services, products, and strategies but at the end of the day, success boils down to execution. The fanciest funnels and software won’t help you if you aren’t able to easily implement them. Find the path of least resistance to an outcome – this gets harder as your business grows, but still look for ways to keep it simple. 

 

3- Process will set you free.

Freedom comes on the other side of removing yourself as the bottleneck in your business. Streamlined processes that others can replicate and follow are key to sustained growth.

 

4- What got you here won’t get you there.

I said this on ‘Entrepreneurs on Fire Podcast’ with John Lee Dumas a couple years ago, and it’s been true at every new milestone and mark I’ve hit in business since. In order to grow and thrive in business, you have to be okay with being uncomfortable.

 

5- The path is math.

Numbers are everything. Take emotion out of your decision-making by following the math. The math never lies. When my business lost 80% of its recurring revenue at the start of the pandemic, looking at the data helped me run my business when it felt like everything was up in flames.

 

6- Know when to hustle and when to slow down.

Entrepreneurial seasons matter. You can’t go hard all the time without burning out. Figure out the best way to get yourself into momentum and follow it. I share more about this in this interview with my business coach Alex Charfen. 

 

7- Seek Clarity.

Map out your perfect day, week, month, and year to make sure you’re on track to building the life you want – not just the business you want. Revisit this clarity exercise often and be ruthless about pursuing it. 

 

8- Protect and strengthen the most important asset in your business.

It’s not your clients, products, team, or your revenue – it’s you. Put your own mental and physical wellbeing first and don’t stop investing in your personal growth.

I have learned so much more in my eight years of business, but I hope these eight resonated with you. Keep an eye out for upcoming episodes about how different my business is now from earlier in 2020, where it’s headed in the new year, and how I’ve gotten through some really difficult times this year. 

 

Did you like this solo episode? It’s something new for me! I hope you did and if you have one lesson that really resonated with you, I’d appreciate if you shared on social (Instagram is my jam! @emilyrichett) — I read all my messages.

Thank you so much for following along on any part of my journey so far. 

Cheers to the next eight years!

 

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