5 Steps to set your income goal as a work at home mom!
Hey momma! I see you working from home balancing the house and kids and your business! So let’s talk about money!
How do you set and ACTUALLY achieve your financial goal for your business?
I’m not going to lie and say that it’s probably just that easy, we have so many beliefs around money that we could coach together for months just going through all your beliefs and exposing them so we can change them.
Remember, so much of our lives are dictated by our thoughts that are running on autopilot and we aren’t even aware of them. Becoming aware of our thoughts is the first step to changing them.
Here’s where you can start:
What are your thoughts about money? Write them out. Here are a few that I’ve often seen come up in myself and my clients. Money doesn’t grow on trees. Money makes you greedy. You can’t be a good mom and make ‘that’ kind of money. Must be nice to be rich. I’ll never get ahead. If I make X amount it means my business will take over my life. Etc…
After you take some time to write these down I want you to actually ask yourself if they are true? If so, how do you know? What would you want to believe instead? Do this for each thought.
Assuming you could make any amount of money you set your mind to, how much would you make in your business and by when? Write it down. Note that some people have an annual goal and also have a 3-5 year goal. Either or both are fine.
This goal should stretch you but not feel completely impossible. Find the number that resonates with you in your gut, that feels big but you also KNOW that you could do it.
SUPER IMPORTANT NOTE: When setting this goal I also always set time goals when it comes to hours I work. At this point in my life I don’t want a 40 hours a week. So in thinking through my pricing I need to account for that. For example, you could choose to make $5000 a month working 40/hrs a week charging $31.25’ish an hour. Or you could choose to work 20/hrs a week for $62’ish an hour. There is no right or wrong way to do it, just do what’s right for you.
Make sure your time goals fit the lifestyle you desire. (For example- we plan dates 1x a week during the day when the kids are in school, I get a massage 2x a month, I volunteer 2x in my sons classroom, I workout while the kids are in school, etc…these things matter! Schedule them.)
Also- next level is to get out of the $/hour model. What? I just told you to think about how much per hour you want to make?!! It’s a good place to start, but not always to finish.
Think about the value you bring to your clients. Charge for that. And the better you get at what you do may mean you need less time to get the same results for your clients. That doesn’t mean you should make less money for your time. They pay for your experience. Your expertise. The value you add to their life. Don’t let arbitrary numbers lock you into what you can make in a per/hour model.
I just used the above per/hour thoughts to give you a reference to see how to honor your time and a place to start. It can also help you see what your time is worth. If I can make $200+ an hour, it’s a no brainer for me to hire someone to clean my house for $25/hr. Does that make sense? It can also help you know what to say yes/no to. In getting to your income goal you may have many moments you want to quit or get pulled by something easier. In the moment it may look good, but say it pays $50 an hour and you know if you just keep working you will be making $100/hr- keep focused on the larger goal even if it’s harder in the moment.
People also often ask how much they should charge. Well, you can look at what others are charging and start from there. You can ask yourself what you want to charge and feel good charging. And in the end your customers will tell you- do they pay what you are asking for what you are offering? One way to find out- make offers and see what happens. I started out at a number that I felt confident in charging when I was a new coach, and the better I get the more I feel comfortable charging more for my packages.
So say your goal is to make $100k in your business in 2020. Believe it. Step into it. Think, “I am a mom making $100k in my business working from home.” From that place, from believing and thinking as a mom who makes $100k what does your business look like and what actions do you take? Write them down.
You can break this down into quarters, at $100k you need to make $25k each quarter. Based on your business model, what actions need to happen in order to get that? What thoughts do you need to believe that you don’t currently believe?
This isn’t just believe hard enough and everything happens. It’s believing AND taking action from that place.
Take focused action. Based on your goals and the actions that need to happen when will you do it? Do you have a stop doing list? Are there things in your business that are working to help you make $20k a year but you know won’t get you to $100k. Even some things that are good will have to go in order to get to the next level.
Examples of this I’ve seen are things like going from 1:1 coaching to group coaching. Raising prices if you don’t want to work more hours but do what to make more money. Hiring someone to do tasks that aren’t the best use of your time. (You don’t have to do everything yourself! Working with work at home moms I see this all the time!)
Hire a coach. Listen, there is so much mindset work that comes up in life and work and I think everyone needs a coach. Whether you want to work with me or someone else, a coach can help you grow exponentially faster than going it alone. Not only is it accountability, it’s someone who is there just for you- to help you break into new levels of your life and business.
Believe you can. Your goals are attainable. Whether you just want to cover your grocery budget (which was where my goals started at), pay for family vacations, or radically change your income you can do it. Being a missionary for 15+ years living on support and then being in ministry believe me I’ve had to work through SO many beliefs/thoughts when it comes to making money and charging for my work. And I’m so thankful I have. And I will continue to as my financial goals grow. With each new goal there are new beliefs that come up. And my coach helps me work through them.
I love working from home and being my own boss because at the end of the day I still want to be in control of my schedule while my kids are in the house and school age. And I know that’s a goal for many of you too. It is possible!
What is your financial goal? Tell me in the comments below.