When you have a clear vision of your dream life you can ensure that your business will fund it by getting clear on your numbers and asking this one...
When you have a clear vision of your dream life you can ensure that your business will fund it by getting clear, and asking one question!
We're in February already and this is a short month. Are you progressing with the goals you had for 2018? Let's be honest here, we start out with all sorts of good intentions but it doesn't take long for them to slip!
In the past 3 weeks I've given a talk at 3 networking groups and it's gone down SO well. It's a talk that perfectly brings together my work as a Life Coach, and also a Business Mentor. I gave it the title, "Creating your dream life and how to make your business fund it."
I took everyone though 4 steps, and I'll share them here.
DESIGN IT: Decide on what you want your life to look like in the year ahead. Not your business but your life! Be very focused; where do you want to go on holiday, how would you like to improve your home, do you desire to travel more? You may want more time to expand your hobbies, or go to the theatre; buy a new wardrobe or eat out more. You may decide you want to work less and take every Wednesday off! Involve those nearest to you and write out your dream list!
COST IT: Now you calculate what will this dream life cost you. Get very specific on your figures and then add the total of the cost of living your dream to your general budget. You'll need to account for taxes and expenses, and know your profit margin. If you are able to be, do and have all you desire (and let's be real, no gold plated yachts please!), what would it cost you?
TRANSPOSE: The third step is to take those cost of those dreams and see how the business can fund them. We're really getting down to the nitty gritty.
Let's take an example. Caroline calculated that her dream life would cost her £200,000. Her business has a 20% profit margin so needs a million pound turnover. That seemed like an enormous sum until we started to break it down.
Caroline knew that her average customer would spend around £6,000 per year. This meant she'd need 166 customers to fund her dream life. The good news is, she already has 66, so she needs 100 new customers this year. Now her dream life is starting to look achievable.
Now we come to the BIG QUESTION that moves everything forward.
“What would need to happen in order to….?”
PLAN IT: When Caroline has an appointment with a potential client, she knows she'll usually win business from She has a conversion rate of 1 in 2. So to win 2 customers a week required 4 meetings. Because she knows her figures, she realises that she needs 8 leads a week.
Just 8 leads a week! Now we're talking!
Asking the question "what would need to happen in order to...?", now helps her decide on her course of action. How can she generate 8 leads a week?
She'll look at various marketing pillars, and consider any constraints such as time, space and staff.
Every entrepreneur needs to know what the average spend of a client is and how many clients are required each month. When you know that, you can then ask that question.
Once you have your plan of action and know exactly what you want your life to look like, you no longer have just a dream but a very attainable goal.
Did that make you wonder about how you can make your business really work for you instead of you working for your business? If so and you're ready to uplevel your life and business you need to ask that question. I would love to support you in achieving your dream life in 2018.
A twelfth of the year has passed already! If you're serious about moving forward and don't want to put your dream life on hold any longer, book a Breakthrough Session with me. Email me at firstname.lastname@example.org and get back on track!
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You can get more of my thoughts and posts by following me on Facebook at www.facebook.com/karenjburgecoaching. if you'd like to discuss your life vision with me, I'd love to hear from you.
Want to ask questions, share your ideas, and get support? Join my Facebook group, The Created Life Club, a group for business owners and busy women. Come and make friends and build relationships. There are lots of tips and help to create calm and confidence, strategies, setting boundaries and time management, and ideas for expanding your one wild and precious life! Join here.
About Karen Burge
I found my passion in using my experiences and training to help others through whatever life threw at them. I have studied NLP (Neuro Linguistic Programming), Breakthrough Coaching, the Thrive Programme and the Desire Map. This means I can draw on a number of tools and pathways, creating coaching sessions that are completely bespoke to you.