August 19, 2008
Are You Making as Much Money as You Need to Be?
Posted by Alice Seba
You probably have a reason you started your online business and for many of us, the main driving reason is financial. Sure there are other perks about being able to work for ourselves, work at home and usually do stuff we love to make money - but behind it all is usually a financial goal.
For some, it’s pocket money. For others it’s a supplement to a full-time income outside the home, raising funds for our children’s educations and for others, there is a need for a full-time income from the business.
My question. If you’ve set a financial goal for yourself, are you there or getting close? If not, what’s keeping you from getting there?
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Am I making as much as I need to be? Yes in the sense I can cover bills every month. I am not yet making as much as I want to - I still can’t justify the cost of a cleaner or a new kitchen.
Great question.
Well, when I first started freelance writing, I decided I wanted to earn $700 a month, which seemed like a HUGE amount at the time. My plan was to earn that by last December. I hit the $700 mark in October, so ahead of schedule.
Now, my goal is even higher and no, I haven`t met it yet. I do pay the bills and we have a few little luxuries, but still not enough to finish my bathroom!
Good for you Genesis…giving yourself new and bigger goals as you achieve old ones is awesome!
And for Katherine and Genesis, those home improvements can be good motivation too. It gives you a specific dollar figure to work toward and can be very motivating.
I am currently working on my own financial growth goal. My husband is home on parental leave with our baby for the next 8 months…and my goal is to increase my income so that we can maintain our lifestyle and he doesn’t have to go back if he doesn’t want to. It’s a good reason why and a tangible thing to work toward.
Great question Alice! I have learned a lot, and my biggest lesson is a common one… learning how to earn money for myself, instead of working REALLY hard while someone else reaps the profits. Now that I know better, I have steadily increased my income, and although I am not quite where I want to be, I am definately headed in the right direction.
Thanks for all your help and great advice Alice!
Teri
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I have achieved all my original income goals…actually surpassed them by a great deal but of course my goals have changed since my hubby took a local job that pays less but gives us more time with him. I have a new goal now and I look forward to reaching it and it is 5 times what I orignally thought I could make when I started an donline biz.
Great question!
I am at home with my children and currently have a variety of income producing activities that has been steadily growing with income. I am not at my goal of $1000 a month yet but I do see it happening soon - hopefully sooner than later! Once I reach that goal I plan to take stock of what I am doing that works well and eliminate those activities that aren’t working for me.
Karin
My goals have changed significantly since I started my business. Originally I started my biz as a supplement income, then after a divorce I had to depend on it, and now it’s back to being a supplement income again since I remarried. I also have made huge changes in WHAT I do since the beginning (over 10 years ago), and I’ve recently started over, in a sense, with a new direction. So today? No.. I have NOT reached my goals, but I’m hoping to see light at the end of the tunnel soon.
The biggest thing stopping me from reaching my goals is lack of time. I have three small children, and as each child joined our family, my business took a hit. I used to be really good at time management and multi-tasking, but apparently #3 child was the magic number for me, and I find myself floundering daily. It’s getting a little better as she gets older (now almost 18 mos old), but wow.. I still have a way to go.
Some months yes, other months, no.
It is a roller coaster. Peaks and valleys. I’ve had great months when I had a sale (info products) or I have a new product.
The feeling you get when you start bringing in hundreds or thousands of dollars in the span of a few days is addicting. What a great feeling!
But it only happens a fraction of the time. Then back to the all too familiar valleys. IM can be a scary gig.
What I want to do is to be able to maintain a stable, reliable, and consistent income each month online.
It is easy to say, “Make your first dollar (100 dollars, 1000 dollars, etc.) online. Because if you can actually do it, then you can keep doing it. yadda yadda.”
Um, it is not so cut and dry as that.
Keeping doing it, for me anyway, it hard.
I have set many goals for myself in my business, and the financial ones have not been met, partly because the business is still very young. But I think the main reason is I allow too many distractions to side track me.
The kids and husband frequently come into my office just to chat or to tell me they need something. They love having mom so accessible (I recently left an office job), but it can really derail the momentum I have going on a project. So we have set some parameters, and now I am able to accomplish more. I know the money will follow soon.
Sometimes. I’m still on the roller coaster. Thank goodness I hit a nice peak while my husband was laid off, enough of one to keep us in the place we’re renting. Now it’s down somewhat, although certainly not in the absolute pits.
I figure I’m earning the minimum I need, but not the amount I want to earn. The goal, after all, is to own our own house, not rent. I’m currently trying to adapt to school being back in session, which means my daughter is no longer available to play with my son, who is still too young for school. Add in a baby on the way, and it will be a while before I can get peace and quiet for working.