WW 136: How to Plan for your Six-Figure Year - Soloshow

Are you ready to start making the money you actually want? To start claiming your numbers and letting all the good things start aligning for you? Whether it’s six figures or five figure months, or just wanting to cover your bills, setting financial goals is a powerful thing. In this episode I’m diving into my 5 steps for reaching your financial goal numbers so you can start 2020 already on track to succeed. Loving this episode? Take a screenshot and share it on Instagram! Tag me so I can send you some love (@Tess_Wicks)

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Resources FROM THIS EPISODE

Recommended listen: Episode 110: Getting Unstuck by Setting Massive Revenue Goals
Recommended listen: Episode 111: Why to Set Personal Income Goals Before Business Revenue Goals
Recommended listen: Episode 123: Why Your Business Needs an Emergency Fund
Recommended listen: Episode 134: Business Structures Explained: S Corp vs. LLC vs. Sole Prop

OTHER GREAT Resources

Calculate your specific, purpose-driven goals: Download the Easy Profit Roadmap
Get on the Guest List for the Payday Party Workshop (next one takes place the 1st week of January 2020!)
Start making money with ease by working with me

I know you have a goal to build a six-figure business, and today I’m going to share 5 steps to help you plan for your six-figure year. But before we dive into the good stuff, I have to make a disclaimer. The reality is that there is no set financial amount that you must plan for.

Six-figure years, five-figure months, 5k months, these are all just numbers. Sure, they’re numbers that sound really sexy (because everyone is saying them) but remember that you need to look at your business goals and your personal and business finances to formulate a revenue goal that fits you and your business. This 3-step plan will help you do just that.

Step 1: Get Comfortable With Getting Specific

The first step is to get comfortable with getting specific about your goals. You’ll do this by knowing the exact number that you’re shooting for and knowing the purpose behind that number.

Your brain, especially your subconscious mind, loves specificity. Setting definitive goals ensures that your brain knows exactly what to look for and is constantly seeking out opportunities, even when you’re not consciously thinking about it.

It’s all happening on the subconscious level. This part of your brain is meant to be efficient and loves to take orders, so it will seek out the opportunities that will help you bring this specific revenue goal into your life.

Your goals shouldn’t be something like, “I want to have a six-figure year or a 10K month because all the internet marketers are telling me it’s possible.” Yes, it is possible for you to make whatever you set your mind to, but your goals should be specific, down to the penny, and built comprehensively, with very purposeful details based on your individual needs, wants, and dreams.

Step 2: Calculate It

Keeping your goals in mind, map out your road to success with my Easy Profit Roadmap. The Easy Profit Roadmap is a free download that will help you determine your purpose-driven revenue goals and the path you need to take to achieve them.

You can get your specific, purpose-driven revenue goal with a super simple calculation. Get access to the formula (what I like to call “Easy Profit Math”) which sits inside the Easy Profit Roadmap download.

By using the Easy Profit Roadmap, you’ll find that purpose is automatically built right into the money you’re trying to make. Why is this important? For one, specificity, but also so that you know what you’re working towards and why.

You’ll use the four critical components that create the financial foundation for any business: Business Expenses, Owner’s Pay, Taxes, and Profit. Using your goals for each of these, you can back out into a really solid purpose-driven revenue goal.

Step 3: Break it Down

Take your yearly timeline and divide it into four quarters. In business, we like to think of our year on a quarterly basis (every 3 months) instead of the entire year because so much can happen in such a short amount of time. It’s easier to wrap your mind around 90 days rather than 365.

Not only does breaking down your revenue this way make it more manageable, it ensures that you’re goals stay fluid with the ever-changing environment.

Now ask yourself, what are you going to achieve over the course of the next three months?

You can make your “6-figure year” game plan starting at any time in the year, and simply use the next 12 months as your game board. But it’s also really fun to do this planning at the end of the year or very beginning of your business’s calendar year.

At first, don’t focus on your year long goal, instead, focus on the next three months. How much of your annual revenue goal would you like to generate in the next 90 days? Are you chopping that goal up into four equal chunks? Or are you going to ramp up as you get more clear on where the bulk of your income is going to come from?

These 90-day increments allow you to adapt your plans and goals as your needs dictate. Maybe your audience changed, or maybe you need to switch up your offering, but this approach to financial goal setting leaves you plenty of time to assess and possibly alter your path so that you’re still where you want to be at the end of the year.

Step 4: LET THE NUMBER INFORM YOUR DECISION

Use this number to determine how many services or products you’re launching and offering this year. Use it to determine your pricing. You’ll know what it takes to run your business. Your prices are feeding into your revenue goal, so they should reflect that.

You can find people who are best aligned with your prices knowing that you’re providing value to them. You shouldn’t live on less just because you charge less. Utilize this revenue goal to determine exactly what you’re doing and what you’re charging to support the life you want to live.

Step 5: REMEMBER THAT IT’S A PLAN, NOT A PROPHECY.

I hope this takes the pressure off this plan of setting revenue goals. Know that this isn’t something that anyone os holding you to. The world won’t end if you don’t reach it. It’s merely a plan to help your mind get after it, AND it can change.

You should recalculate this every 3 months or so and make the adjustments to fit your goals and your evolving business. This is there for you to utilize to help you make decisions and rest on when you need to have some more tangible data points.

The First Step is the Hardest

Take a look at your plan and get out there and put it into action. Concentrate on what you can do over the next 90 days, and at the end evaluate your progress. If you didn’t quite meet your goal, change up your plans to accommodate that. If you were lucky enough to surpass it, maybe you feel comfortable enough to bump up your targets.

If you’re an online coach, these are the things you’re going to want to do to figure out achievable, specific goals, and you’re not alone. Take advantage of my experience and expertise, and download the Easy Profit Roadmap, or go all in and sign up for my PayDay Party Workshop. Either way, I’m always here as a resource and guiding light.