I was listening to some radio program several weeks ago that referred to a study that supports the idea that you only truly need so much money in life to be happy. Past a certain point, more money doesn’t make you any happier.
I’m not interested in being a millionaire because I’m not interested in the lifestyle or work it would take to get there. I’m also not interested in the least in the KIND of business I would need to be in to make that kind of money.
And I LIKE having work and purpose in my life and things to strive for. I don’t want it all to come TOO easily, funny as that might sound.
That said, I DO think it’s important to have a six figure business. BUT, it’s important to clarify what kind of six figures we’re talking about.
There is a HUGE difference between a $100-200k biz and a $500k biz, let alone a $1 million biz, in terms of the work involved, what kind of business it is and what it needs to focus on. Very, very different models and machinations involved.
You can live a very happy, rich life (and I mean LIVING) with only a $75k income. That said, it’s important to understand that for you to personally earn $75k, your business generally needs to bring in a revenue of at least $100k.
This is always the kind of “6 Figure Business” I’m talking about in relation to our administrative support businesses.
And this is a VERY modest and completely doable goal that gives you a benchmark of financial ease, solvency, sustainability and profitability that encourages you to strive without making money the focus or driving force and without forcing you to have a completely different kind of business model and life.
There’s nothing to feel guilty about in earning well, no matter what your financial goals are, be they modest or grand.
But make no mistake, there is a minimum amount of money you do need to make in order to stay in business and be able to serve clients well.
You earning poorly, and merely surviving instead of thriving, does no one any good whatsoever.
I originally posted this musing on our Facebook page, but I thought it related wonderfully to what I’m always trying to help you do: which is to earn more, working less and more strategically.
While $100k a year is an excellent financial goal to strive for, that doesn’t mean it will be easy to achieve working entirely one-on-one with clients.
And a bigger business (in order to achieve that goal) is not necessarily better. Bigger businesses come with more work, more administration, more costs, reduced profit, more people managing and more room for problems, communication issues and errors.
There IS, however, an alternative way to increase your revenues and that’s by leveraging your knowledge and turning it into DIY info products for your potential clients and site visitors.
Not only do these products allow you to demonstrate your expertise without requiring your personal one-on-one time, you’ll essentially get paid to market your business and grow that all important know, like and trust factor.
The crazy thing is almost NO ONE in our industry is doing this for their prospects and clients! You don’t have to be one of them.
On Thursday, November 29, I’m conducting a class where I will show you all the ins and outs of creating info products and multi-layer revenue streams in your business. This is a brand new class that I’ve been “threatening” to do for several months and next month is finally it!
I’ll see you there! 🙂