Have you thought about what you would like your business to do for you? I’d like you to consider this question: “What would your life look like if your business paid you what you wanted it to?” It really makes me sad when people with such creative talent aren’t making the money they should and that they deserve. They are usually trading their hours for dollars and still not paying themselves. So while their business may be earning a good revenue, it’s eaten up by expenses, overhead, pay for assistants or interns, and there’s simply not much left over for the business owner at the end of the day. Sound familiar?
This is why I want you to think about what your life would look like if your business was actually paying you the money you want. You’ve probably heard the quote that goes something like this, “When you don’t have any destination in mind, any road will get you there.” So I really want you to consider and decide how much money you would like to earn. This isn’t about how much revenue you would like your business to generate. How much would you like to pay yourself? What would it take for you to feel like you’re contributing, you’re valued, you’re able to provide for your needs and those of your family? Our individual motivations may be very different here; we’re all inspired and motivated by different things. Think about what this means for you. What is that number? Also realize that what we pay ourselves is simply a vehicle to the destinations we have in mind. So what is it that you would like? For some, it’s having more time with family and friends. For others, it’s being able to enjoy all of life’s experiences. It may be living where you want, or living the way you want, living in the home that you want, or driving the car that you want. Maybe it’s just doing what you love. While each of us will have different motivating forces and reasons, it’s important to visualize here. What would your life look like if your business was paying you that number you would like? Really stop and imagine it.
Now it’s time for inspired action. Take out paper and pen and write down the number you would like your business to pay you. Next, think about the revenue your business would need to generate in order to pay you that number. How many clients do you need to work with? Given how you are currently pricing your services, how many clients would you need? How many products would you need to sell?
Next, what would you change to earn more? This is where it gets really fun because if you stop and look at the number you’d like to earn and the number your business needs to earn, you may quickly realize a few things. Perhaps you need a lot more clients but you’re not currently equipped to handle more. You may start considering the ways you’re pricing your services and charging for your time or packages, or marking up product. This exercise will help you get really clear on those things.
Now, what would you like to change about the way you’re working? In what ways can your business be at your service and help you to have more of what you desire? Would you like to work with fewer clients on more lucrative projects? Would you like to work with more clients? Would you like to have more time for yourself, your family, your friends? Take a few moments today to contemplate the destinations you have in mind, write down your responses, and consider the best vehicles and roads to take you there.