Savouring success makes it all the sweeter

This year’s a special one for Scott and his business, Ultimate Food Tours.

Just halfway through the year, he was delighted to find he'd already surpassed his previous high-flying corporate salary.

"I looked at the numbers and realized I’d made more than my entire Meta salary in just a few months. That's when it truly hit me: I can make money on my own. I don't need to work for someone. That was my 'made-it' moment," he recalled.

While it doesn’t come naturally for him to pause, he’s learning to step back and recognize how far he’s come, with thanks to his fiance who helps him have that kind of focus.

And while he’s got a very special reward lined up for his latest achievement (buying a Rolex watch), he normally takes time to recognize his progress simply by sitting quietly with a coffee, or by celebrating with his team in foodie-focused outings (of course!) which often double-up as convenient market research.

For a business that started as a side-hustle in 2019, things got serious when Scott unexpectedly lost what he had thought was his dream corporate job. While he was offered a role with another company, it was at that moment he realized he’d prefer to take the leap and go all-in on growing his Ultimate Food Tours business.

Like other US small business owners, as reported in Xero research, Scott’s priority was on meeting financial milestones. The first big one was tripling revenue in his first full-time year in the business.

While he began by tracking his numbers with a humble spreadsheet, he soon realized he needed something more robust, and his accountant recommended Xero.

“Financials are important. I’ve been able to look at cash flow coming in and get a granular view of what bets are paying off, and what I should cut loose. And for tax purposes, it’s so easy with Xero. The old way was soul-crushing.”

Scott acknowledges running your own business can be isolating, but at the same time when he recognizes how his business is bucking the trend in a world where many others are facing job uncertainty, he feels fortunate.

He says that it can be the unexpected made-it moments that are most memorable. He recalls a time when his parents were in town, and they joined a tour group he was running on the last stop of the day.

“We were all eating cheesecake and my parents saw how happy my customers were and how well the tour had gone. My dad realized how much I had just earned in those few hours; it was a proud moment for them to see how my business was succeeding.”

So what motivates him to keep going?

“The amount of fun I’m having as a small business owner!” he says. “The amount I’m learning every day, and learning to overcome challenges is what motivates me. When you hit a roadblock it’s stressful, but once you get past it, it’s confidence-building.”

Download Xero's report: Small business made-it moments and why celebrating them is important.