How to Set Financial Goals for Business Bliss

Hey all!

Happy Tuesday and welcome back to the blog!

Are you making what you want to be making right now?

Whoa. Did I catch you off guard with that direct AF question?! It’s okay if I did—it wouldn’t be the first time! But I’ve noticed something interesting. It seems that every time I ask this question, or any money-related question when talking biz, I tend to get one overwhelming response: fear. People freeze. Maybe give me a quick or vague answer. Change the subject. Shrug their shoulders.

It makes me wonder—why are we so afraid to talk about money? It’s what fuels us in our business, after all. What allows us to live in the house we want, to hang with friends, plan well-earned vacations. It’s even a measure of success for some people. Yet most of us tense up when talking about money. What does your relationship with money feel like?

I think it’s so important to sit with the uncomfortable, to put yourself in situations that make you nervous, and to have conversations that you’d rather ignore or put off for another day. Yes, it’s scary! I know! I used to ignore it and hope I had enough at the end of each week too!! It’s so much easier to just stay where you’re at, nice and safe in your routine and comfy schedule. But guess what. Pushing yourself out of your comfort zone is key to your well-being. That’s where the growth happens. That’s where you take your business, and yourself, to new levels. Routine is okay—heck, I need a routine to stay sane!—but at some point you’re going to start getting an itch. A thought. What if… What if I made double what I’m making now? Triple? What if I could retire early and comfortably? When you put yourself in the uncomfortable, those questions will tug at you and lead you down a road toward business bliss. But you truly need to know where you are right now before you can get to where you really want to be.

So let’s be uncomfortable. Let’s talk money. Because my goal is for this to be a very comfortable conversation for you! Money is NOT a scary 4 letter word LOL (it only has 3 letters) much less scary!

Are you making what you want to be making right now? Do you really even know what you make?

If the answer is yes, then I want to talk to you! LOL.

If the answer is no, then I want to talk to you even more.

It seems like a no-brainer to set some financial goals for your business. We hear it and read it all the time. But how many of us actually go out and do it? How many of us take out a pen and pad and do some old-fashioned math to figure out how we can get where we want in the shortest amount of time?! Whether it’s through increasing rates, expanding your services, or pushing your upsells—there are so many ways to reach your financial goals that won’t require you to work overtime (you could even be working LESS). I’m going to bring you back to school for a second and go math wizard on you, so I want you to grab a pen and pad and work through this equation with me:

Just do it.. it’s simple and quick!

Write out what you are making per week and how many hours a week you work to reach that amount. Divide those amounts to find your hourly rate.

(Example $2000 per week divided by 25 hours = $80)

Pause with that number for a second. Does it sound right? Does it surprise you? Does it sound accurate given your expertise/work ethic/industry standards?

Next, come up with a goal number of what you want to make each week and how many hours you’d like to work. Really think about it! If you’re happy working 40 hours, then stick with that. But if you’d rather be working 30? Put that down, too.

Now reverse the equation to include these new numbers and write down your new hourly rate.

New example:

($3000 per week goal-divided by 25= $120)

Am I saying you should automatically start charging that amount starting tomorrow? Probably not. But this goal should be your starting point. Your wake up call. When do you want to get to this point? In six months? By the end of the year? Write that down, too. The leap from $80-$120 an hour doesn’t seem as scary as saying I want to make an “extra $1000” per week.

Breaking it down into smaller bits size goals is so much easier!

Now what?

Now you make changes. Look at your business as it is right now and see where you can make small changes that make sense to you, your goals, and your clients. When was the last time you raised your rates? Can you raise them for new clients first? Have you been slacking on upselling? Could you expand your services without killing yourself working overtime? It’s in these subtle adjustments that will lead you closer to your financial goals and a sense of newfound freedom and control over your finances.

I hope this helped you! I know it’s helped me and all of my colleagues I’ve forced to do it over the years! Here’s the thing: it won’t happen overnight and it may not even happen in the timeframe you originally set. But doing this exercise will get your wheels rolling. If anything, I want this to be a starting point for you, the wake up call you didn’t know you needed, or the reality you were a little nervous to face. Remember though--this is a good thing. Now you know where you’re starting and where you want to go. It’s a chance to start anew and really plan out the life you’d like for yourself. You deserve it, truly. People in the beauty and wellness industries are some of the most passionate, hard-working people I know. Always eager, always interested to learn, always ready and willing to do more. So I know you have it in you. I know your worth. Do you?

So much love!

Happy business building,