Set an Income Goal for Next Year and You’ll Earn More (and Work Less!)
When it comes to setting income goals, it’s really common to get blocked, or feel like you’re not doing it right.
Do you set a BIG STRETCH goal?
Do you add up some realistic numbers on what you know you can achieve?
Or will you put out mixed messages to the Universe if you change it too often?
For a lot of entrepreneurs, picking a number can feel really hard, and many people are scared to commit to a number in case they get it wrong.
So today, I’ve got some income goal setting tips for you, and a resource to help you overcome your resistance to making more money.
Why Set an Income Goal
Setting an income goal is a really important part of being in business - this alone will help you
- Stay focused
- Make decisions
- Reach the next level
- Save time, energy and money!
How to Set your Income Goal
Firstly, don’t overthink it
The most important thing is this: don’t overthink your goal setting to the point that you NEVER do it.
You can just pick a number, and it’s not set in concrete. Goal setting is free – you can do it as many times as you like, and change it whenever. It doesn’t cost you anything to set a goal.
How Perfectionism Gets in the Way of Goal Setting
Don’t procrastinate with the belief that you’ve only got one shot at it. That’s perfectionism getting in the way, and it’s the single biggest block to becoming a good goal setter.
Why do you even need an income goal? Can’t you just wing it?
Sure you can!
However, setting an income goal will focus you, and help you make decisions in your business.
When you’re weighing up ideas, you can look at your goal to help you decide which direction will best serve your overall goals. This can save you a lot of time and wasted effort, too, so you don’t go off in random business directions (been there!).
Should your goal feel like a massive stretch?
For some people, that’s motivating. I personally like to set big goals and achieve them. But if it’s going to freak you out, setting a more achievable goal for yourself will make sense.
There’s no perfect way to do it
The next thing to know is that there is NO perfect way to set your income goals. (Or any goals, for that matter!)
I wish I could tell you that there was one right way to set your goals – it’d make life so much easier!
But there’s not.
The big secret is that your INTENTION and CLARITY are the most important things and a goal that you change over time, is better than no goal at all.
Four Strategies to Set Your Income Goal
Here are some of the ways that you could set your goal for the coming year. It’ll help you earn more and work less!
1) Income Plus a Percentage
2) Calculate a Goal Based on your Lifestyle Costs
3) Get Strategic
4) Just Pick a Number!
Let’s take a closer look at each of these strategies so that you can pick the perfect one for you to uplevel your income over the next year and give you more financial freedom.
1) Income Plus a Percentage
One of the simplest ways to set your income goal for the year is to take your income for the past year and add a percentage.
The percentage you choose could be based on how much you want your business to grow, or you could choose a number that feels good to you.
Would 20% feel good to you?
Again, it should be an exciting stretch, but realistic enough to believe it’s possible.
2) Calculate your Lifestyle Costs
Another way to set an income goal is to think about the lifestyle you would like to have in the next year, and calculate how much it costs. That will give you a profit figure that’s based on your goals and dreams.
When you can see it on paper, it makes it more real and possible. Somehow, numbers translated into massages, organic food and travel plans (or whatever lifestyle choices you make) makes it real in a way that numbers on a page sometimes just can’t do.
3) Get Strategic
Think about the products and services that you offer, and how many of each you’d like to sell.
Then look at how much money that will make you, and whether that’s a goal you’re happy with. If you are, then great! Your goal is made.
If you’re not, then you might need to look at raising your prices or creating something different to sell.
4) Pick a Number, Any Number
In reality, your goal is just a number, so it’s perfectly fine if you want to just pick a number out of your butt and use that as your goal. Really!
Loads of successful people do it this way, and it works just fine for them.
Remember, it’s the clarity and intention that really matter, so as long as your goal is believable and stretches you a bit, it’s the right goal for you. Here’s how I came up with my prices!
Money Blocks Around Setting an Income Goal
If you feel like setting a goal is too hard right now, or you’ve set one and can’t believe you’ll make it, then you’ve probably hit some money mindset blocks.
That’s really common, and nothing to worry about. I’ve been helping entrepreneurs like you clear money blocks for over a decade now, and it’s honestly the fastest way, not only to increase your income, but to expand your belief of what’s even possible for you.
Setting goals can be easy and fun when you let go of having to do it perfectly.
It’s your time, and you’re ready for the next step,
P.S. It can feel really frustrating when your income stalls. Maybe you’ve hit an income plateau and you’re struggling to imagine breaking free without working harder.
Next year, my focus will be on helping you to break through the blocks and negative beliefs that cause these plateaus and help you take your income to a new height.
I’ve got a new workshop coming in January all about how to break through your income plateau and your best ever money year.
We’ll be launching in a few weeks so watch this space if you’re ready to start a new money chapter in the new year.
Learn how to to set your income goals AND actually achieve them. Click here to download my FREE Worksheet to get clear on your target and the money blocks holding you back.
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