You’ve probably thought about it before. Most entrepreneurs do regardless of what kind of business they’re in. But many, if not most, fail to narrow it down and make it precise. What is it? It’s your monetary target – your desired income– for the year. That’s right! We’re going to start this year off with a concrete figure of how much money you would like to make.
Why You Need A Monetary Target
But before we get down to business and pick a number, it’s important to know WHY you need it. After all, why not just create your booklets and/or other products and just sit back and see what happens? Why not just let the money come rolling in? Who cares how much it is, as long as you’ve got it in the bank?
It’s important because without a monetary target you’ve got nothing to shoot for. You might make a few dollars, but you’ll never make what you could have if you had only had a fixed number in your mind to achieve.
Imagine going to a job interview. The boss asks how much you made at your last job, and how much you need to make at this one should he hire you. Would you reply, “Oh, it doesn’t matter. Just throw me something every now and then. Any amount will do.” Of course you wouldn’t! That’s not only laughable, it’s financial suicide! And yet, if you don’t decide how much you would like to make this year from your booklet business, YOU’RE DOING THE SAME THING!
Also, having that number helps to keep you on track and focused. It gives you a certain kind of clarity and lets you know how you’re doing so that six months down the road from now you can see how much you’ve made and determine whether you’re doing enough to reach the income level you desire.
Choose Your Desired Income Level
Now that you know why you need a target income for the year, let’s get down to business and pick a number. You want to pick a number that is attainable for you. It shouldn’t be too low, but it shouldn’t be in the mega millions either. You need a number that makes sense for you to be able to achieve by the end of this year.
A good number to shoot for is either one that replaces your current income if you have a day job (so that you can quit your day job ), or one that doubles your current income if you’re not working for someone else and you are working in your business full time. Whatever this number is for you, it’s a good place to start. Then, you can increase it each year, or even sooner if you reach your goal before the year is done. Just make sure the number you pick is a realistic goal for you.
Ok, pick that number!
Next week we’ll break this number down so that you’ll know EXACTLY how much an hour of your time is worth. Trust me, it’s not what you think! You’re really going to be amazed when you see the true, monetary value of one hour of your time!
To your riches!
PS: Get my free e-course, “12 Ways A Booklet Can Turn Your Writing Into Cash! Get it now! Click here!