In the coaching world, it’s easy to get stuck comparing yourself to other successful coaches out there speaking from grand stages and running huge mastermind programs.
I know I’ve fallen victim to the unspoken pressure to build a massive empire.
I thought that the bigger my business, the more successful I would feel.
Maybe there’s some truth to that, but in the words of Notorious B.I.G, “Mo money, mo problems,” my friend.
When my business was at its most robust, I had a full-time staff of 4 employees, plus two part-time employees. Sure, I was raking in the dough, but my overhead was also quite high with payroll tax, retirement benefits, office rental fees, printing costs, I think you catch my drift.
Plus, I was burning out. Who wouldn’t, working a minimum of 60 hours per week?
Soon, I had to ask myself, “What really matters?” and “How do I truly define success?”
It was a true ‘come to Jesus’ moment, for sure.
So, I reevaluated. I cut back. I automated a ton of systems, and I truly designed a business that supports the lifestyle I desire.
That means I fell off my million dollar trajectory, but that was okay with me. I realized that my time was way more valuable than any amount of money. Plus, my joy had to come first.
Here’s how I restructured my business to reflect the success model that best suites me:
Step 1: Imagine Your Ideal Lifestyle
This is not a new idea, but I simply created an ideal scene of how I wanted my weeks to unfold. I took about an hour to imagine each day, to see myself working in an inspired way, and to experience the feeling of harmonious success.
For me, that looks like working about three days a week with clients who really inspire me. I get to spend time with my staff creating and brainstorming, but I also have plenty of time to exercise, relax with my family, play with my dog, and still focus on being the kind of mom I want to be.
It looks like waking up without an alarm clock, meditating every morning, paying bills without blinking, and hosting fabulous dinner parties with friends.
It also looks like investing in stocks and giving back to philanthropic causes I love.
And yes, it looks like exotic vacations, an expansive shoe closet, the best haircut in town.
What does your ideal week look like? Take some time to explore what matters most in your business and beyond.
Step 2: Build Your Budget
Once you’ve got an ideal picture of your life, ask yourself: “How much money must I generate in order to live that way?”
For me, that’s probably a personal take-home income of $250,000 per year. This may seem like a lot, but when you stack that up against the idea of having a global empire and a multi-million dollar business, it’s really just a drop in the bucket.
So, with a target income in mind, I had to look at my overhead and get crystal clear about where my money was going each month and why.
I prioritized my expenses and saw a number of places where I could cut costs without losing any quality in customer service. So, we moved out of our gorgeous (and pricey) offices. I stopped printing workbooks for students and replaced them with fancy flash drives. I also re-evaluated my team and saw where it was essential to cut back on staffing if I wanted more freedom.
Step 3: Set Business Building Milestones
Once I clarified my Ideal Life Budget and evaluated my business expenses, I had to set some goals and guidelines for income generation.
Again, my target personal income is $250,000 a year. Ideally, I want to work about 24 hours per week. This includes time with clients, teaching in large groups, as well as time for next-level program development.
So, I broke it down.
My signature group program is already up and running and it generates a personal income for me of about $150,000 per year. Plus, it takes about 5 hours of my time each week.
That leaves me with another $100,000 in personal income for the year or about $12,000 per month. That works out to be 12 personal mentorship clients per month. If we talk twice per month and I spend another 30 minutes per week providing each of them with email support, I work about 12 hours per week in my coaching practice.
That leaves me with 7 extra hours each week to develop and launch new programs, which is truly my favorite pasttime.
So, no more sixty-hour work weeks for me! No more obsessing about hitting the seven-figure mark each year. Instead, I get to work when I want to work with clients I adore and an income that supports the lifestyle I truly desire.
Now, it ‘s your turn.
Whether you do want a multi-million dollar empire or a smaller operation, decide with your heart and build your business accordingly.
What does success in your business look like to you? Let me know below…