Every coaching client needs three things:
1. A goal.
2. A plan.
3. Someone to hold them to the plan.
Having all three is the key to success.
Your business is no different. Just as you coach your clients to their fitness goals, my team and I coach you to your business goals. And if you want to be successful in business, you need those same three things.
Let’s start with setting a goal. Money isn’t your real goal, but money will pay for your goal, so we’re going to set money goals.
The first step to creating your goal is determining your Perfect Day. Here it is:
A year from now, when your business is perfect:
- What time will you wake up in the morning? Will you start work early or sleep late?
- Will you put your kids on the school bus, have a leisurely coffee and then cruise to the office, knowing that your early clients were handled just as if you’d been there?
- Will you go to an office or do you work from home—or will you go to the beach?
- What work will you do within your business? Will you deliver your service or lead others to deliver it?
- Will you spend your afternoon further developing the business? Will you take your partner out for lunch? Will you leave early? Will you come back again later?
Some gym owners love to work in their gym and prefer to stay hands on. Others would like to learn more about the business side and cut back on coaching classes. Both are great options. The point: You have the choice.
Let’s keep going. When your business is perfect:
- How many vacations will you take each year? Where will you go?
- What will you learn next year?
- What must you fix or replace around the home next year?
Write everything down. Then answer these questions:
1. How much will you have to earn in a year to support that lifestyle?
2. How much more will you have to earn to pay for the vacation, the education and the lifestyle upgrades?
Now add it all up—that’s your income goal. We call this your net owner benefit (NOB): the total of all the money you take out of your business, plus the stuff your business pays for (like your cell phone and your education).
Next, divide your desired income by 0.3—that will give you a revenue goal. The number is how much revenue your business will need to generate next year to provide your desired net owner benefit. Once you have that number, we can build a plan. I’ll tell you how to do that in the next post in this series.
Set a Goal Today
If you don’t have a goal, you’ll never get anywhere. I’m sure you tell your clients the same thing.
But it’s not enough to pick a random number: You need to have a very clear picture of the goal, as well as an emotional reason to reach it.
Don’t think about earning $100,000 next year; think about taking your kids to Disneyland and replacing the dishwasher.