Two Years as a Full-Time Entrepreneur

Today marks exactly two years since my first day as an entrepreneur after saying goodbye to a great job with the Department of Justice Tax Division.  Our first year was an adventure, but our second year certainly kicked it up a notch.  We thought it would be fun to look back on some of the highlights of the past year, so here they are in no particular order:  

• We kept our weekly e-mail newsletter going!  This is the 204th article published.  All articles are posted on our website, organized by date and topic, so you can read past ones anytime.  

• This past spring we started an Instagram account.  Follow us!  We actively promoted Phippen Tax and Financial Services on both Instagram and Facebook at the beginning of tax season, and pumped the brakes on our involvement as tax season heated up and became our most successful tax season by far.  While we love working with new folks, taking care of our existing clients is our top priority.  

• Thanks to a shout-out in the ChooseFI newsletter in July, we received a large influx of new clients.  The number of unique visits to our website that month was by far the highest ever.  Since then, we have maintained higher website traffic than before:  The lowest number of monthly visitors to our website after July is still more than our highest month before July.  As a result, we have had a steady stream of new clients with fascinating financial and business goals throughout the second half of the year.  

• As of November 12, the IRS had processed 209 unique federal tax returns from our business this calendar year.  This figure does not include returns filed after that date, or returns filed by that date but still awaiting processing.  Most of these were 2023 returns, but a fair amount are returns from prior years as we work with folks to amend prior returns or get caught up on unfiled returns.  

• Our tax return volume increased, and so did our other work.  In 2024, we exceeded our prior-year total billables on September 13, and are already 34% ahead of that figure as of this writing on a cold and wet mid-November Connecticut morning.  It will be exciting to see our final numbers when this is published at the end of our working year.  

• Important FYI for those who are not already aware:  We will be spending the remainder of the year off the grid in the Caribbean with Xa’s folks starting Thursday.  Afterwards, we will be in Hawaii visiting a friend for the first week of January after ringing in the new year.  If you want to connect early in the new year, be sure to book an appointment today.  

• Anyone who knows us knows that we believe in consciously disconnecting while on vacation.  One of our core beliefs is that life should dictate work, not the other way around.  Rest assured that we will be ready to hit the ground running in 2025!

• Speaking of non-work stuff, here are some other fun highlights from this past year:

• A week-long trip to the Caribbean (off the grid!) at the end of January.  

• A two-week trip to Spain (off the grid!) in June.  

• A trip to Southern California to see some incredible rugby and baseball, and to visit family.  I arranged to meet a multi-year client for the first time at one of the baseball games!

• Due to our ability to work from anywhere, we were able to extend multiple trips to southern Utah and Connecticut to visit family.  

• Used credit card rewards points for travel benefits, including lounge access.  Our trip to Hawaii is costing us $11.20 each, since we booked the flights with points and are staying with a friend.  

• We flew enough to keep our status with United Airlines, which comes with perks like free checked bags, priority check-in, early boarding, and seat upgrades. 

• Sponsored the DC Revolution (where Xa plays) and GW Rugby (where Xa coaches) programs.  GW Rugby showed impressive growth from a year ago, and the DC Revolution finished the fall season undefeated and in prime position for a playoff run in the spring.  

• Partnering with more local businesses, such as Pure Sweat + Float Studio.  It has been fun visiting them and being part of their growth.  

• The Dodgers won the World Series, and the Spirit are in the NWSL championship!  (By the time you read this, we will know whether they are league champions.)  We continue to be season ticket holders for the Nationals, Orioles, and Spirit while also attending Mystics games, college basketball games, and other local rugby matches.

Of course, there are also challenges that come with growth: 

• We recently moved from an online contact form to a new appointment booking process.  This way, both new and existing clients can book an appointment and receive immediate confirmation without any back-and-forth trying to find mutually available times.  You can book in 30-minute intervals; returning clients are welcome to book multiple blocks if they anticipate the conversation lasting more than 30 minutes. 

• Evaluating and updating our internal workflow management processes is ongoing.  This allows us to avoid repeating the occasional hiccup, and be more efficient and responsive.  Fortunately, Xa works on automating and streamlining processes at her day job and is using this experience for Phippen Tax.

• Our newsletter will have a slightly new view for the beginning of the year:  We will be offering a couple different learning tracks with recommended reading to help reach specific goals.  If you have a specific topic of interest, feel free to send over ideas!

• We will also be bringing on additional support in the new year to help with administrative tasks so I can focus more on direct client work.  Yes, we are hiring!  

I am grateful for the trust and confidence folks have placed in our business.  When we started this adventure, I knew we would eventually completely replace my former GS-15 salary and need to hire staff, but I had no idea we would be there in just two years.  It is exciting to see the growth of a business focused on providing the quality of work that clients deserve and ensuring clients know that their financial dreams can become a reality, with a plan.  I look forward to seeing what we accomplish over the next year, and to seeing what our clients accomplish as well.