In this blog post, I wanted to share a story of how Covid19 cost me a project worth $12k and the mental challenges that came with this loss. It is a try to shine a light on the dark sides of being an entrepreneur. Talking about wins and making running an agency look easy is common.
Let’s talk about the challenges you have to face as a business owner…
Until this week, I was not directly impacted by Covid and have rather seen an increase in projects from local tourism companies because they received grants from the government. Actually, helping your customers get grants and then using that money for your projects was a common strategy shared in our “State of the Market” webinar I did recently with Cloudways:
Project Delays That Change Your Outlook
During summer, I signed a local tourism company on a five-figure project that already took off. The first milestone even is paid already. I have done business for two years with them and knew how reliable as a partner they are.
Now with Germany going back into lockdown, they are forced to work in a short time and thus cannot proceed with the project. Everything is put on hold. You can imagine how uncomfortable the conversation was. When they told me that the project would not move forward until way into December, my stomach turned upside down.
My biggest challenge isn’t so much the monetary aspect but how to deal with that change in income. I am running my business for almost 8 years, I am finally fairly confident in my skills to create revenue on short notice. That in itself is a realization worth highlighting.
Still, to this day, I have moments where I feel that I am not good enough. It took me ages to become self-aware enough to identify these moments as my mind playing tricks on me.
Back to the tourism project. That project had two major personal milestones attached:
- This project should have brought my business to over $100k in yearly revenue for the first time.
- It was the final project for the year 2020.
I’m determined to still make the $100k in yearly revenue but I have to find a different way. The funny thing is, this $100k goal is nothing but a number. I am just making that an important number because it represents the magic “six-figure business”. Does it actually make a big difference compared to a $90k business? Not really if you ask me. Yet, I find myself obsessing about $100k.
Accept Change And Embrace It
To be honest, it was really hard to accept that the project won’t happen in 2020. It will likely be realized in 2021, which means that the new year starts with a nice project – an opportunity to build momentum.
I went through all sorts of anxiety and worries after my client told me that he cannot meet the agreed-upon deadlines. I still feel a rollercoaster when I think about it. But it’s ok. Getting to this level of acceptance wasn’t easy though.
I got grumpy to receiving even the slightest bit of criticism. Even from people I loved. Even when my wife made just the smallest comment, I would feel frustration and let it out on her. Obviously, that is the worst thing I could have done in that situation. Who am I to let out business issues on the one person I love the most?
Then I remembered all the webinars I did with the Cloudways Mavericks and Big Orange Heart.
It’s ok to feel negative emotions when things go wrong. And it is certainly ok to feel overwhelmed and worried.
But these emotions are nothing more than what they are – emotions. It is important to keep them in check.
They cannot control my actions and thoughts for extended periods of time. I fell back onto my beloved Stoicism and got myself into a mindset of productivity.
Questions I Asked Myself to Be Able to Move Forward
- What can I do to mitigate the negative impact of the situation?
- How can I still reach my goals?
- What steps can I take today?
Obsessing about negative consequences doesn’t help anybody and just adds to anxiety.
I’d rather kill anxiety with momentum after deciding on a direction to take.
The WP Agency Summit merch is one of these steps. I’m also working on a bonus for existing All-Access Pass owners for the summit that will be delivered in early December.
Onwards and upwards!