What’s Your Number?
I’m on a mission to help entrepreneurs become financially savvy in their businesses and lives. My goal is to help equip them to create abundance through business so they can fund their purpose, finance their dream life, and ultimately go from employee to entrepreneur.
A big part of that is helping get clear on your numbers. So today I have a simple question for you…what’s your number?
Nope, I don’t mean your phone number. I mean what is that one critical number that you long to experience in your business income in order to move into full-time entrepreneurship.
For a minute I want you to think about the life you desire to live on your own terms: having a full time business that you love – but also doing the work you love to do and making an impact at the same time! Doesn’t it look great and doesn’t it feel amazing to think about? Ok, so what is that dollar figure that will allow you to make your vision a reality?
I want to challenge you to take it even further. Consider the sales you need to generate in your business to achieve that number. How profitable does your business need to be? What percentage of profit will you need to reinvest in your business or put in savings to ensure that you reach your goal? How long will you need to save and invest in order to reach your target? And finally, are your prices aligned with your number?
Here are some action steps for an up and coming entrepreneur:
Determine Your Number
This may require you to do take a good look at your financial situation and do some calculations. Remember to include business and personal expenses as well as what compensation you’d like to pay yourself.
Write Your Number Down
On a piece of paper, in your journal or add it to a spreadsheet…it doesn’t matter you just need to write it down. Refer to it often by making it a part of your weekly financial management process and make adjustments when needed.
Create an Action Plan
Determine the action steps and tasks that must be done in order to reach your number. Then work your plan.
When you know your number and are clear on what you need, it makes it that much easier to plan for full-time entrepreneurship as well as effectively run your part-time business.
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