Did you start your business just to meet your lifestyle needs? In other words, you started a business because you wanted to spend more time with your family, maybe provide for your family, or you just wanted to travel or do whatever and didn’t want to be tied down by the demands of an employer, but at the same time you wanted to have a business so you can have income to fund your travels. Obviously, you need money regardless of what you choose to do. So, the business is just like a means to fund your lifestyle. So, if this is you, you want to make sure you follow along with me in this video with the Excel workbook that’s underneath this video. Once you download the workbook underneath this video, go ahead, open it up, and go to the current year tab. In the current year tab, you will notice the data, the yellow cells, that’s where you enter data. Do not enter data in any other cells beside the yellow cells.
So, you start with, the net income you desire in your goal year, which would be 2019. So, if you want to have $20,000 left in your business, put that amount in there. What you estimate your 2019 expenses will be. Put that in there. So, if you expect to have dues and subscription, salaries, whatever, put that in there. Your annual living expenses, put that in here, and your current year revenue, put that in there. Then the program is going to use this information to determine what your goal for 2019 should be. So, let’s look at the goals, your minimum salary is $80,000, that’s equal to annual living expenses. Now, this is not telling you, how you need to pull the money out. I’m not talking about dividends, distributions, wages. This is not the video for that. There’s a future video that will talk about that, how to take money out of your business. But for now, you just need to take $80,000 out of your business ’cause that’s what you need to survive for the year. Your net income will be $20,000, and the revenue you need to have is $200,000. Based on where you are right now of 75,000, you need to have a 167% growth rate.
So, your marketing plan has to be surrounded around how can you grow 167% this year. Also, it’s recommended that you break down the expenses in a budget and keep track of it every month because it’s very easy for expenses to go out of proportion. So, to make sure you’re on track you should, every month track what the revenue, if you’re on track to meet the revenue goals, and if your’re still on track with the expenses and you’re not overspending. And in that way, you can make sure that your business is sustainable enough to provide for your lifestyle goals. So, you see making… And then once you know what you want, it’s easier to plan how to get there. Now, for instance, let’s just say you got into the year and you never really thought about it, or you just did what you did for your business and then you find yourself struggling.
Well, if you just do what you’ve always done, you’ll always get the results you always have. So, if you never really planned to make more money in 2019, you probably are not going to make that much more in 2019 because you will just do what you what you did. Unless you take the time out to think differently, you don’t get different results. Like what you see? Go ahead and click the subscribe button on the very bottom of this video. I look forward to seeing you in future videos.