UWR 025 Ensure you live the life you want to live

Who wants to impact people’s lives with the work they’re doing? Who wants to have an awesome effect on the clients they serve? I am thinking that most of you are probably putting your hands in the air right now, but can you do that with the money you are currently making? Can you make the impact in the world that you want to make at the moment? See, the thing is that money helps us amplify the impact that we can make in the world. Therefore, instead of being something to not be talked about in polite company, it should be something that is celebrated by awesome people doing amazing things in their business.

You see, our old money stories, they stop us from dreaming that we can have the money that we want, they stop us from doing the things we need to do to get the money we really want, and they stop us taking action to turn dreams into reality. The thing is that making money gives us options in life. Making money means that we’ve helped lots of people achieve amazing things, and who wouldn’t want to do that? So making money in business is key to your business’s survival. Not only that, the more money you make, the more people you impact.

I ask you to think, what is the vision you have for your life? Not just in your business, but your life. What does it look like to you? You might want to write it or draw it, but what does it look like? Dream. This is your life. What is a wonderful life for you? Take a few minutes to think on that. Write it down, draw it out, whatever works for you. I want you to dream the ideal. What is it? Pause this podcast if you need to and start writing, start jotting it down.

Importantly, when you’re thinking about this, when do you want this to be achieved by? When do you want your vision to become your reality? Put a timeframe on when you want to achieve it. It is so important. I see too many people say they want to achieve something in five years, but a year from now they’re still saying five years. Put an actual date on your vision. When do you want to have it by.

Now, what does your business really need to do in order to support that vision? Because you can build a business to support the life that you want to live, but you need to understand what that business looks like and how to build it. It might be that you want a six-figure business while working three days a week, leveraging courses. It might be that you want a six-figure take home, which of course is very different to a six-figure business, something that a lot of people don’t focus on. Whatever that looks like to you, you get to decide and you get to choose. You get to choose the life you want, not what your partner wants, not what your coach wants you to do, but what you want. Get it on paper, because that is the first step in making it into reality, getting to plan it out. We can’t know what we need to do each day, each week, and each month in our business to live the life that we want to live if we don’t actually understand what that looks like.

But of course, that is only one part to it, because making money for most business owners means making more revenue, which is essentially growth. But unless you understand your costs too, then you’re going to end up in a place where you’re making more revenue but your costs are increasing at the same rate and you still have no more money in your own pocket for you and your family to enjoy. So what does this dream cost? Put some numbers beside the dream. What are the costs related to it? Because once you understand those costs, then you can start to understand what your business needs to do in terms of sales to support the life that you want to live, that dream, that vision.

Now that your vision is firmly in place, can you serve the clients that you serve in the same way that you are now to reach your vision? Does that work from a numbers perspective when it comes to your business supporting it all? How many people would you need to work with at your current prices in order to get the life you want, in order to reach your vision?

Do the back of an envelope calculation. Does it work for you? What is your average client spending with you? Does that work or not? If the answer is no, then what needs to happen in order to get you to that vision? What needs to happen in your business? Does the model need to be tweaked? Does the pricing need to be altered? Again, if that’s you, if that’s what it is, there’s no need to panic, but we need to know the answers to the questions. Ask yourself, can my vision be achieved with the way I am running my business now? If the answer is no, if the answer is that you need support, you need help, you need ideas, then work out how to do that.

Let’s get really practical and summarise what I’ve just spoken about. Step one, write down the vision you have for your life. Step two, put a really clear timeline on it with specific dates. Step three, put costs against that life. Step four, back calculate how much revenue you need to earn in your business, and by when, in order to support your vision. Step five, what needs to happen in your business in order for the revenue you need to happen? Can you do that with your current business model, for example? If not, get a plan in place to change things. Step six, work the plan.

Thank you so much for listening. Until next time, let’s find the clarity in your numbers, increase your wealth, and get more money in your pockets.

Resources:

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 Hello! 

I'm Annette Ferguson

Owner of Annette & Co. - Chartered Accountants & Certified Profit First Professionals. Helping online service-based entrepreneurs find clarity in their numbers, increase wealth and have more money in their pockets.

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