Your freedom business profit plan

Set a vision: Why do you do what you do? I suggest you watch Simon Sinek’s excellent ‘Start With Why’ TEDx talk to help you think about this. Define the big “WHY” to create your vision, the “why” that’s going to keep you going when you just want to give up. Set a goal: Does freedom mean $1,000 a month to you or $1,000 a week? What do you need to feel you’re free and happy? Set a goal for your annual revenue, e.g. $50,000, and profit, e.g $35,000. Set objectives: No goal ever achieved itself, so break your goal down into key objectives. 

For example, to reach your revenue goal your 3 main objectives might be to:

1) Build an engaged community of 500 email/ blog subscribers through regularly blogging about XYZ;

2) Create an online video training course;

3) Create a two-tier consulting service package and gain three new clients per month.

Set a budget: Based on your goals, you need to figure out your budget. Use my $100 breakdown near the beginning of this chapter and factor in any specific costs such as investing in software for landing pages, video creation and editing, or blogging optimization. Also factor in copywriting and design services. For the above example, let’s make it $500 total. Set your revenue streams: To reach your $50,000 revenue target stated above, it helps to break this figure down into monthly and weekly targets, for example, $4,134 each month and $961.54 each week. In order to break even on your initial start-up budget, you need to sell just over $500 worth of something. You might get one sponsor for your blog for two months, sell 20 copies of your $25 video course or get 2 new coaching clients at $250 per session. Now run the numbers on what you need to sell each week to be profitable and you’ll soon see if your revenue figure is achievable. Set a timeline: You need to hold yourself accountable to deliver on your goals and objectives. When you break down your revenue streams, you must put a timeline next to them. If you don’t they will not take on any sense of priority or urgency, and procrastination and perfectionism are the enemies of any business.

The Suitcase Entrepreneur: Create freedom in business and adventure in life by Natalie Sisson