Issue #67: What is your enough number?

How to get clear on what you need to live the life that you want.

Have you ever wondered why the six-figure income goal became the amount every entrepreneur needed to reach to prove success?

Here’s my theory: For one, being able to say that you make six figures in your business sounds really sexy and it’s definitely not a small achievement. Especially when only about 6% of small businesses make that amount. But also from a marketing point-of-view, six figures is an easy number to market. It’s a number that can be easily broken down by month and by week. Which means it’s easier to attach an action plan to. My last theory, selling the six-figure dream makes money. 🤷🏽‍♀️

When I first dived into the online business coaching world, the big goal that was heavily marketed was making an extra $1000 monthly in your business. Slowly as income reports became popular and income-based marketing skyrocketed, earning 6-figures was the goal that everyone wanted to achieve. By any means necessary.

You know me, I want you to make a lot of money and there is nothing wrong with aiming for six figures, IF that is the amount that you want to make.

The problem with most income-based marketing though, is that it can often make many entrepreneurs feel like they failed if they don’t hit the six-figure mark by the end of the year. You’re told that you need to work harder, sell more, and possibly participate in some real shady marketing practices to make sure you cross that $100,000 threshold.

But I believe a lot of us have become really jaded and maybe even a bit ungrateful in our businesses. Ending the year under six-figures is still a major achievement. Making any amount of money in your business is still a milestone that should be celebrated. Imagine working your ass off for 12 months and being upset that you only made $80,000 in your business instead of $100k. Imagine thinking that you’re a failure when in reality your business paid all of your bills and then some.

This is why entrepreneurs need to get crystal clear on what your “enough number” is.

Your “enough number” is the exact amount that you need to make in your business to cover personal and business expenses and your ideal lifestyle.

So how do you come up with this number?

CALCULATE YOUR EXPENSES

Your expenses are what you typically have to pay for monthly in both your life and business. Think about your:

• Rent/mortgage

• Utilities

• Car payments

• Monthly subscriptions

• Childcare

• Employee/Contractor payments

• Quarterly/yearly tax payments

• etc.

YOUR IDEA LIFESTYLE

Now consider your ideal lifestyle. How much do you need to make for you to live the life you desire? If you haven’t already this year, take some time to write out your vision. From how you want to live daily to the vacations you want to take yearly. Think about:

• Services that you would like to hire out for (cleaners, meal prep, etc)

• Yearly vacations

• Hair, nails, and overall beauty treatments

• Fun money that can be used for shopping and/or eating out.

• Hobbies that you would like to start or continue

• Any life upgrades that you would like to make.

The key here is to get really clear on what YOU want. Not what is often marketed to you and not what you think success is supposed to look like. What does YOUR ideal life look like?

ADD THOSE NUMBERS UP

Add up your total monthly expenses plus the amount that you need to fund your ideal lifestyle. That is your “enough number.” You may be surprised to see how much you actually need to make to live a great life! I’ve coached a lot of women entrepreneurs on how to build their businesses and one of the common ah-ha moments that they often have is realizing that they really don’t need a lot of money to fund their ideal lifestyle. For me, bringing in $70,000 yearly would be more than enough to cover what I need.

Focusing on your number not only takes the pressure off of hitting this huge arbitrary number in your business but it also allows you to build a business that is sustainable and likely not to burn you out. Knowing your “enough number” guides the way you price your offerings and how you need to show up to attract new clients.

Let’s chat: How has the pressure of making more affected the way you’re doing business?

Cheers to a restful week!

– Alisha

ICYMI

GOOD FINDS

🌱 On letting go and honoring the season that you’re in. – Nedra Nuggets

💤 No more late-night scrolling. Going to bed at 9 p.m. could improve your health. – Fortune Well

🙃 “Productivity” culture is broken. – Mindset Mastery

🥴 Your survival plan for when you wake up in the middle of the night. – The Everygirl

💸 Is getting married the only way to have financial security in America? – VOX

DON’T FORGET TO BREATHE