When I first start working with a business client, we talk about how much she needs to make. Believe it or not, this is not as clear a number as you’d think.
People often start with a “dream” income…
That amount of money that seems like an adequate gross income varies, but for most clients I work with, their annual “dream” income starts at $100,000. Many clients are already there and are working to grow the business to a new level, however, for someone just starting out, $100K “sounds” about right.
Where does this number come from? Why is it the holy grail of incomes for most small business owners?
Your dream income will always be just a mirage — and difficult to attain — unless it matches the lifestyle you want to lead.
Instead of coming up with an arbitrary number, a figure you’ve heard used in slogans and touted around as the ideal goal income, why not do the work that accurately reflects the life you really want to live, including people you want to spend time with, activities that feed your soul, and projects you want to see through to their finish?
I suggest dreaming of a life you’d like, rather than a number you want to hit.
There’s no point in spouting off an amount you can “live” with unless you really know the amount you need to live the life you want, including leisure, education, vacations, free time or family time, charitable donations, etc.
As we head into the second part of the year, consider your goals and where you want to be in six months. Pay close attention to the life you’re designing as you build your business. When you’re ready to work on that magic “dream” number, instead of an arbitrary number, you’ll have the outline of the kind of lifestyle you actually need to fund.
If you’d like to do more work in this area, The Six-Figure Biz Club includes worksheets and suggestions for designing a realistic income goal. When you sit down and map it out, that dream number feels realistic and your goals more attainable. Ready to join me?