Just got my first LOA signed last week. Exciting but also terrifying because I left my corporate job 3 months ago to do this full time. For those who went full-time from the start, how long until you were consistently making money?
Starting Out - How Long Until You're Profitable?
Took me about 8 months to get my first refund check (and my first fee). The pipeline is slow at first because audits take time, utility refunds take time, and you need to be marketing while you're auditing. I'd say I was consistently earning a living wage by month 14-15. By year 2, I was making more than my old salary.
I went part-time for the first year while keeping my day job. That gave me runway to build the pipeline without the financial pressure. If you can do that, I'd recommend it. The stress of needing every prospect to convert is not good for your sales approach.
The typical timeline I've seen across our members is 6-12 months to first significant revenue, 18-24 months to replace a full-time salary, and 3-5 years to build a really strong practice. The variable is how aggressively you market. The auditors who struggle are the ones who get heads-down in one audit and forget to prospect. You need to be marketing every single week, even when you're busy.
Thanks everyone. The 8-month timeline to first revenue is sobering but I planned for 12 months of savings so I should be OK. Going to make sure I'm doing outreach every morning before getting into audit work.
Smart plan Duane. Morning prospecting first, audit work second. Once you're in the weeds of a tariff analysis you'll forget to make calls. Treat marketing like a non-negotiable appointment with yourself.