Five years ago, I founded GOAT Social Media, and I couldn't be more excited to celebrate this milestone by looking back on how far we've come.
September 28 marks the fifth anniversary of GOAT Social Media. The idea to start my own LLC came about in 2017 while I was hunkering down from Hurricane Irma in a hotel in Miami. In the past five years, GOAT Social has grown not only as a business but also as a passion. In honor of making it to this milestone, I wanted to share five ways I've beaten the odds thus far.
1. Nearly 1 in 5 U.S. businesses fail within the first year (BLS). It's a shocking statistic considering owning a business seems like the "American Dream," but it's true for a variety of reasons, including a lack of capital or funding, retaining an inadequate management team, a faulty infrastructure or business model, and unsuccessful marketing initiatives. We're glad to have made it through that mark!
2. 45% of businesses fail during the first five years (BLS). That is almost half! I could see why. It's not easy! A lot of people on TikTok and YouTube glamorize having their own business. Many people think you can work fewer hours and make more money, which might be true for some, but more often than not, business owners like myself work more hours than those around us. The difference is most of us don't mind since it's our own.
3. In 2021, the rate of new entrepreneurs in the U.S. in the age group of 20 to 34-year-olds was 0.27 percent. That's less than 1%. I was only 22 when I founded my company. I was young but eager to learn and succeed.
4. COVID rocked my company but did not break my company. It was a tough time. Most of our clients at that time were in the hospitality industry, so their sales budgets were cut, leading to the pausing and canceling of contracts. We pivoted at that time to find clients who were thriving, such as e-commerce and internet-based businesses.
5. I'm a first-generation Latina college graduate with a Bachelor's and Master's degree - Go Noles and Go Gators! It's something to celebrate. My family has always prioritized education, and I grew up knowing its importance, so it feels fantastic to have two degrees.
After half a decade of entrepreneurship, I'm looking forward to continuing the growth (sustainably). I have learned that building a business is a marathon and not a sprint. PS - if you have a friend or family member who has a business, you can support them for FREE by engaging with their content, writing a review, and spreading the word. I'm so thankful for those who support GOAT Social. It means a lot!