When I started Working Mystic, I was GEEKED!!!!

My dream was finally coming true. I was going to revolutionize the way people thought of work and money so that they could have more success, more money, more ease, and most of all, more FUN!

I went to my first live business coaching event excited.

Website done. Check!
Email list set up. Check!
Business cards. Check!

I was ready to roll.

Then, in one of our very first sessions, my coach asked, “What’s your income goal for next year?”

I was grasping at straws.

What should my income goal be?!!! I barely have a business!

At the time, I was making well over 6-figures in my day job. I was advised to take the leap. Go for the stars. So, I said, $100,000!!!!

Let’s just say, things didn’t quite work out that way that year.

Over time, here’s what I learned, and how I teach Live Out Loud clients to set a doable income goal as a solopreneur.

First, let’s skip the rah rah.

There’s a sweet spot in goals where:

  • It’s worth setting the goal – meaning, it’s something that will actually inspire you. If making $10,000 your first year feels like “why bother”, that’s probably not a good income goal.
  • You believe you can achieve it. You may not know how yet, but it’s not something you can’t fathom. If you’ve never made 6-figures and that number already scares the SH!T out of you, then, that’s probably not the best goal.

Know your numbers

Do you know how much money it takes for you to live every month – survival, comfort, and luxury?

The baseline that you need every month for your essentials – food, shelter, transportation – is called your living expenses.

Living expenses do not include dining out, vacation, the cleaning lady, massages, or getting your hair done.

Living expenses are usual somewhere between $1,500 and $3,600 depending on where you live and how many children you have. The biggest impact to living expenses is housing. A good rule of thumb is three times your mortgage or rent.

Knowing the number that’s your living expenses is very valuable to financial freedom and business building. It’s your bottom line.

Setting your business income goal

ThinkUp

In ThinkUp, you know you want to be in business. You know what you want to do. You have your website and your certifications. BUT, you have no idea where to start.

A good business goal in ThinkUp is to sign 5-10 clients in 6 months.

Private clients will help you to weed out what you don’t want, and get crystal clear on what you do want.

They will help you clarify WHO you want to serve, HOW to package your offer, and WHAT you want to do specifically.

AND, private clients will give you lots of fodder for free content, DIY courses, and group programming.

StartUp

In StartUp, you’ve worked with a few clients. They paid you. BUT, you’re still not making enough in your business to live off of.

Your income goal in StartUp would be to double your living expenses.

Why double?

Well, you have business expenses (30%). And taxes (15%). And profits (5%).

YES! I said profits.

When you double your living expenses, your business is operating in the black. You can pay yourself and cover business expenses without relying on your credit cards or benefactors (hubby).

Your baby is starting to walk.

ScaleUp

In ScaleUp, your business has legs. You’re no longer worried about paying the rent. You can do all that fun stuff that you wanted to do when you got started.

You know what I’m talking about – the remote retreats, the 5-figure launches, the live events.

You start to hire your team and outsource. Planning is no longer an option.

A good benchmark as you enter ScaleUp is to double your lifestyle expenses.

Lifestyle expenses include dining out, vacation, the cleaning lady, massages, getting your hair done and whatever else tickles your fancy. It’s usually 1.5 to 3 times your living expenses.

And then…To infinity and beyond!!!!!!

Want help figuring out your income goal? Email me at info@workingmystic.com

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