Updated: Sep 25, 2020
It is so critical to create realistic and exciting income goals without making this belief of creating a dream life such a burden than it really is. Building a lifestyle business can't be built around unrealistic pressures that cause you overwhelm.
And because of that your income goals should be the motivation that drives you to grow and allow you to budget your finances and plan better in your business.
The first thing that we're going to do is define what exactly you need.
When I first did this I had to break down and review my cost of living. And you'll need to consider any other income earners in your family. What you will do is to look at the cost of living that you're currently able to cover with your income and any other earners.
When reviewing your cost of living to get to your income goals...
I want you to consider any current or previous income sources that you've had. So, right now, if you're leaving a corporate job or planning to leave a corporate job, you'll need to know:
1. How much you are making?
2. How much you need to survive?
Keep this amount super bare bones. This is going to be your survival number and only things that you can't live without in the stage of life that you're currently in.
You want to allow yourself a little bit of room to breathe so it's not overly stressful but, have a look at budgets over the last six months.
How much do you actually need to live?
Once that's done, I want you to look at how much you would like to live off of. This is where I want you to think about what you want to add to your survival list that you just created.
This is your dream number.
For me, this was $20 000 a month. I knew that this amount would get me to the financial freedom I needed.
I want you to add on…
Living life on your own terms..
The ability to live and travel to any place in the world…
Taking the whole family on vacations with you..
Spending quality time with the people in your life that really matter, any day time you schedule…
Your bare necessities, like bills, food, and rent… save for retirement…
Giving back to the disadvantaged organizations or communities in your community and any philanthropy quests....
This is a great guide to help you think about how much extra income you would like to earn on top of your survival income.
How much would it cost to accommodate your dream life?
So for me I have a budget set aside to be able to go on vacation. I also like to treating myself to getting my lashes done, having the kids in piano, horseback riding, and sports. I like blessing people here and there and I also like a housekeeper once a week and doing a family dinner during the weekend to unwind and hang out with the family.
Now it's your turn to think about your dream number and what it looks like for you. Think about the ways that you want to give and share with other people. Do you like to give back and are you committed to tithing?
The are three income goals that I recommend setting when it comes to your business and revenue.
2. Quarterly target
3. Stretch goals
Setting theses your goals this way will encourage you to be realistic, but also be optimistic.
So, your base goal is basically what you can expect to bring in without making a huge effort.
Look at how much you usually make in any month. That will now become the base goal that you have to hit without much effort.
My target goal is usually an extra 20 to 50% more than my base goal. So if my base goal is $5,000 a month, my target goal might be sitting around $7,500 a month, instead of my base goal of just $5,000.
And then finally, you've got your stretch goal, your stretch goal is something a little outrageous that you'd like to strive for.
So for me, if my base goal is $5,000. And my target goal is $7,500, my stretch goal would be about $8,000.
But guess what?
The good thing is that you can reward yourself for each goal you reach. And treat your team when they hit their goals.
So for example, if you hit your base goals you might reward yourself with a dinner out because you had a bankable month and did what you needed to do to keep the business running. Maybe your target reward is a day-cation and maybe your stretch reward is a 3-day vacation.
And as you're planning these out on a monthly basis and or quarterly basis, make sure that you're booking those dinners and vacations in advance as an incentive. Trust me it makes your goals super attractive for you to meet them.
Now finally, I just wanted to give you a few tips and some secrets to actually hitting your goals when it comes to income.
Here's where many female entrepreneurs get it wrong, but that won't be your story!
Listen, the amount of money you make in your business has a direct correlation to the number of times you ask for the sale. If you only ask once, only expect to make that much money.
If you ask twice, expect to double it.
If you ask three times... same situation
So the amount of money that you're able to make in your business is directly related to how many times you ask for the sale. You must ask for the sale, but you don't just ask once. You ask again and again and again.
Wondering why this is so important?
Well, think about it. When do you make money?
It's pretty simple...
You make money when you sell your products or services.
And in order to sell you have to ask for the sale. Many people have not because they ask not.
So here and now I want to reiterate that all of your effort and all of your focus should be on selling the products or services you've been gifted with.
Delivering your bankable gift will come easy, but selling isn't something we were born knowing how to do. So take this part of your business seriously. It's only in the selling of your product or service that should your daily focus.
Coming up with products...
Making things pretty...
Building a website...
Those things won't sell your products... Selling is the only way to make a sale.
I want you to get to a place where you can predict and forecast recurring income in your business. This is a really powerful way to scale and hit your target, dream, and stretch goals as your business continues to grow.
One way I started to sell my products that really got me amazing results in my business is through discovery calls.
This is an amazing way to showcase your bankable gift to your prospective clients. I worked on a script that I customize with each call.
One important thing to master is selling your high ticket offers. Remember you have a monthly goal.
A misconception people have is that they it is easier to sell lower priced offers …
As much as it is good to have low ticket offers, the key difference is that you would need to sell so many low ticket offers a month to reach your goal.
Let me tell you something you will never forget…
“The approach you use when you are selling will determine the success of the discovery call."
A lot of female entrepreneurs have a broken process!”
Yes I can coach you on how to use the discovery call mastery to sell your high ticket offers to your clients...
This will take you through how to have the client ASKING to join my program before the call is even over.
Believe me, this strategy was a gamechanger for me. Getting to the place of achieving your dream income goals won't just happen with a magic wand. It will take you putting certain formula's in place, letting go of old habits that do not benefit your growth in any way and learning new life changing habits.
Leave me a comment on what your survival, dream, and target goals are and let's set you on a plan to a life of financial freedom and abundance.