Apr 2024
42m 2s
There’s a tale that’s rarely told in the business world. It’s a tale of two companies. Both make seven figures annually. But the business owners behind them receive a vastly different amount of money as actual take-home pay.
What happens once money comes into a business? Where does it go from there? The lack of real disclosure on this in online entrepreneurial circles has led to lots of people focusing solely on revenue goals, not their business’ actual profitability.
So in this episode, I break it all down, talk some numbers, and tell you exactly what it means to have a six-figure take home income, not just a six-figure business.
On this episode of Promote Yourself to CEO:
3:29 - How much time do you have to invest in your business? Here’s how to take a look at your situation to see what works best for you.
7:16 - How much energy do you have available to you? And what do you need to do to maintain it?
9:48 - Instead of pulling a revenue goal out of thin air, ask yourself this question. I reveal the right way to come up with your number and a free resource you can use.
14:28 - I briefly mention why defaulting to your last salary as your revenue goal won’t work.
15:55 - I talk about what goes into running a business, how to use that information to reverse engineer your target, and a super simple way to figure out your revenue goal.
23:46 - Setting aside a little bit of your profits every month really starts to change the game and your perspective. I break down some percentages in detail.
31:08 - I look at the math behind a $100,000 annual revenue goal and how much you really need to earn to make that your take-home pay.
36:27 - How much tax are you going to pay at this point? This is where you’ll want to get yourself a good CPA.
39:10 - Before wrapping up, I go over the biggest piece of misinformation about growing a bigger business. It stops many from setting a higher revenue goal.
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