Ep #31: How to Deal with Failure in Your First Year of Business

At one time or another, all financial planners have experienced the feeling that things just aren’t working, especially in their first year of business. Often, this triggers the fear that they should have never made the leap to start their own business.

But these entrepreneurial lows are something that all business owners experience.

The proper approach and the way you work through them will determine if you'll come through an entrepreneurial low successfully. Every advisor that we look up to makes running their business look easy, but the truth is they have all dealt with the same struggles that you're going through today.

On this epsiode, Kitces and I chat about what expectations are realistic to have in your first year of business. We then dive into the four areas that we believe you need to focus your marketing efforts on in your first year.

If you're in your first year of business and feeling the pressure, or you want to start a business and want to know what to expect, this show is for you.

Listen in below!

Listen to the Full Interview:

What You'll Learn From This Episode:

• Why you have to be okay with hearing "no."
• The two kinds of hardship that we experience in a business.
• Why you should ask your heroes what their struggles have been.
• The realistic expectations of what your first year will look like.
• How fee schedules have changed over the last 20 years.
• The importance of side hustles in your first year of business.
• How to get referrals from other financial planners.
• Why so many financial planners fail.

Featured on the Show:

• Connect with Michael: Kitces.com | Nerd’s Eye View | Facebook | Twitter | LinkedIn | Google+| YouTube
• XY Planning Network: First Year Budget
• XYPN Radio Ep #29: Building a Virtual Firm by Marketing Locally with Eric Roberge
• XYPN Radio Ep #26: The Career of Jude Boudreaux and How Failure Can Define Success
• XYPN Radio Ep #21: The Career of Justin Rush – How a Failed Startup Attempt Led to Success
• XYPN Radio Ep #13: The Career of Matt Becker – Starting a Firm From Scratch with No Experience
• XYPN Radio Ep #7: The Career of Jake Kubler – How He Bought a Fee-Only Firm at 25 Years Old
• XYPN Radio Ep #1: The Career of Michael Kitces – How He Became the “King Nerd” of Financial Planning
• NAPFA
• Paula Hogan Financial
• Garrett Planning Network

This Episode Is Sponsored by:

• Wealthbox CRM