The question “what are your income goals” and “can the business you select support those goals“? are extremely important when doing you due diligence (we’re assuming that you’re reading this because you have already decided to become an entrepreneur and pursue your own dream.
If you haven’t yet decided why you need an online home based business then you should read this article we wrote just the other day “Do you want to start an online home-based business”
The reason that knowing what are your income goals is so key is that so many people go into entrepreneurship or start a home-based business without considering how much money they need and they don’t realise the economics of the business.
A list of dream items and experiences is all well and good but you need to know just how you are going to achieve them and for that you have to know what are your income goals.
As accountants we understand the economics and always ask that most important questions when talking to a new client or business partner “what are your income goals?
Without knowing the answer to this vital question you will never know what vehicle you will need to get you to your desired result.
So the question to ask yourself is : What amount of money is necessary to move your list of dream items and experiences to reality?
If someone is looking to replace an income of say $5,000 a month and the products they are selling are only a small value – say $20-25 then they need to sell a lot of them in a month to get that kind of income. Understanding the importance of matching commitment with outcome is also a vital factor.
What Are Your Income Goals – How To Go About It
Firstly set you goal to have a net worth of $X then ask yourself what will it take to achieve that goal.
We knew when we gave up our management consultancy and accountancy business that we had an income goal we needed to achieve to replace that income plus there was our retirement nest egg to be taken care of.
We had a few false starts but we learned a huge amount on the way and that puts us in a unique position today to help you get it right from the beginning.
It’s funny because just like you the first words we typed into our browser were “how to make money online“. We were staggered by the results (many million on Google alone). It did change our lives because we saw that so many people just like us were looking.
We also saw a lot of less than reputable links but it’s why we always say DO YOUR DUE DILIGENCE. If it looks like a “get rich quick” it probably is!
We saw that the internet was a vast marketplace for the provision of knowledge and we decided that our business would be about delivering that knowledge to people in a legitimate way.
Our search was on for a business that would provide not just the very best online marketing and business education but would also satisfy our income goals and those of our clients
Like we said at the beginning we had a few false starts looking for what we felt fitted our goals and would be right for our target market (people just like us – we’ll talk about that in a future article) and we would urge you to take your time, do your research, be very clear on your income goals and then make your decision.
Key Questions to Ask Yourself
1. What would be an optimal situation in six moths? Where would you want your business in six months?
2. How long have you been trying to __________________? How successful have you been?
3. In twelve months where do you want to be? What would make you feel good?
4. What would you like your lifestyle be like in five years from now?
Once you start putting pen to paper then its a lot easier to see what’s possible.
We’re always happy to talk you through it and you’ll find our details below.
We hope that you found that useful in helping you define what are your income goals before making your choice of vehicle
In our next blog we will be talking about how much you are willing to invest in an online home-based business
Our previous post was Do You Really Want To Start A Home Based Business
Who Are We
We’re former accountants of a certain age with 5 great kids and 3 grandchildren. We love skiing and traveling the world and have achieved a fabulous life helping others to start and build a successful 6 figure business online and now speak on international stages following that passion. Our business is centered on online marketing education and wealth creation and a desire to help you create financial freedom online through entrepreneurship whatever your age or experience.
Authors : The Mindset Shift
What Are Your Income Goals
Chris & Susan Beesley
We’re former accountants and management consultants ‘of a certain age‘ with 5 great kids, 5 grand-kids, 1 grand-dog and a little old cat called Vincent. We love skiing, the mountains and travelling the world and we’re passionate about helping others to start and build successful businesses online to generate them a full or part-time income to support their retirement lifestyle.
