Now that you know why you want an online business, and maybe the type of business, it’s time to figure out how much you want to make.
Don’t just say “a million dollars”. For some reason, that figure seems stuck in our psyche as a magic number but let’s get real and take the time to figure this out.
It’s OK to do this in steps. You don’t have to shoot for the moon all at once.
So, how do you figure out what your number is?
Think of what you will need to live the life of your dreams (or the first step to living that life) that you identified in the “Why” step earlier (if you have not done that yet, read the post “Why do You Want to Start an Online Business?”
How much will you need for housing? That could be a nice home of your own, a condo with a fantastic view of the ocean, the best equipped RV going or maybe a houseboat. What will it cost? Per year? Per month?
There is a new house just down the road from me that is really lovely, on the water… that would cost about $2500/month.
How much for transportation? Fancy car, SUV or just that jeep you’ve always wanted. Don’t feel you have to go for that Porsche. Go for what feels right for you. Who cares what others think, right? (If you do care, you might be trying to live someone else’s life, not your own).
The BMW I would like costs about $1000/month.
Your new lifestyle will have some of the same bills but you might include going out the a wonderful restaurant once a month, treating friends and family ‘just because’.
I could pay my bills, have a lot of fun and treat my friends and family very well for $1500/month.
What about vacations? Maybe you want 2 nice vacations a year, say, one in the warm South Pacific and maybe a skiing holiday in the Alps.
Based on my last vacations, $2000/month would do very nicely thank you.
Don’t forget to SAVE some money as well. Another $2000/month.
Perhaps most importantly, reinvest some of it back into the business. That’s $1000/month.
You will no doubt have other things that are important to you. Identify them to the best of your ability and don’t be afraid to dream big.
Using the above as an example, let’s see… that adds up to (drum roll please……)
$10,000/month.
Holy Crap! I hear you say.
Stay with me here.
With an ordinary job, that would be quite a feat. How in the heck are we going to do that without working 60 hours a week forever ?
Well, let’s break it down.
Assuming 4 weeks a month, that is $2,500 a week. Doesn’t sound quite so far fetched.
Going even further, with 30 days a month on average that is $333 per day. Even better.
Let’s say you have 3 streams of passive income set up. Each of them only needs to bring in $111 per day to make $10,000/month.
I can do that!!! So can you!
One at a time…
Until I reach my goal (which may well change once I get there!)
In my next post I will go into more details as to how to get to your number.
Enough for now.
Barb
