Setting and Achieving Your Income Goals
How much money do you want to make next year?
Income Goal: $__________
Divide that number by 52 weeks
Weekly Goal: $__________
Divide that number by 40 working hours
Hourly Goal: $__________
The resulting number is the value of your working hour. To hit your goal, you have to create that much profit per hour. Notice I said profit, not gross. To earn that figure, you will have to gross 3 to 5 times that amount.
Example:
Year Goal: $100,000
Weekly Goal: $1,924
Hourly Goal: $48
To take home $48 per hour, you must gross 3 to 5 times that amount. That will not happen if you are spending those hours on tasks that can be done for $10 an hour.
Task Prioritization:
This month, our system is to clearly define what tasks will earn you your goal income and what tasks are pulling you away from that goal. The Project or Revenue Process form will walk you through the primary tasks that need to be done each week. It will help you determine what you need to do and what you need to outsource or delegate.
Steps:
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Set Your Income Goal: Determine how much you want to earn annually.
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Break Down Your Goal: Divide your annual goal by 52 to get your weekly goal, and then divide your weekly goal by 40 to get your hourly goal.
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Identify Profit-Generating Tasks: Focus on tasks that directly contribute to achieving your hourly profit goal.
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Delegate Low-Value Tasks: Outsource tasks that can be done for less than your hourly goal to maximize your efficiency and earnings.
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Use the Project or Revenue Process Form: This tool will help you map out and prioritize tasks, ensuring you stay on track to achieve your financial goals.
Conclusion:
By setting clear income goals and breaking them down into manageable weekly and hourly targets, you can focus on profit-generating tasks and delegate lower-value work. This approach ensures you work efficiently towards your financial objectives, ultimately achieving your desired income.