In May, our MONTHLY Gross Revenue was MORE than the ANNUAL Salary of my first job out of college…
Last week, as Eric and I reviewed the numbers for May, we chatted about how in one month, our business grossed more than my annual salary at the first job that I had when I graduated from college and was equivalent to Eric’s annual salary at his first job after he graduated from GRADUATE school.
When I graduated from college I worked for a non-profit organization and made an annual salary of $20k.
I could barely make ends meet with this salary, so on the weekends I would wait tables and sometimes I would pick up extra shifts during the week.
As a result, I was constantly exhausted and would often arrive late to my day job.
My tardiness was a huge pain point for my boss, but I was doing what I could to survive off the pennies she paid me.
After 3 months, I found another job that would pay me $26k. So, I accepted this position, and left the non-profit, hoping the extra $6k would relieve some financial stress.
When I resigned from the non-profit, my boss, a stringent Greek woman, tried to lay on the thick Greek guilt by saying that she gave me a chance as an inexperienced new graduate and forgave my recurrent tardiness.
To which I replied, “If you paid me a decent salary, then I wouldn’t have to wait tables at night and be exhausted all the time and I would be on-time to work.”
At the time, I blamed her for my struggles, but the truth is, it wasn’t her fault.
I know now, that I had a choice.
I had a choice to either stay stuck being limited by working for someone else, OR to take the risk of venturing into entrepreneurship and creating my own destiny and abundance of financial and personal freedom.
However, at that time, my eyes were closed to liberating leap into entrepreneurship.
Making an extra $6k helped a little, but I still waited tables on weekends. As I tried to survive living off these meager salaries, I amassed an insane amount of credit card debt that took me years to pay off.
If I had known then, what I know now, about the infinite possibilities that taking the risk of entrepreneurship brings, I would have made the leap much sooner.
At $26k, May was our biggest month of monthly gross revenue since we have been 100% full-time dedicated to our online business – up over $11k from our biggest month in 2019.
Note, this $26k is not the money that we pocket as our salary, but rather, the money that we bring into our business that allows us to pay our salaries and all of our business expenses.
However, it does allow us to pay ourselves more than $1.6-$2.2 per month – the monthly gross income of a $20k or $26k salary.
Two of our monthly business bills alone total $3,300 – one for my business coach, and one for a new team hire of an Online Business Manager (OBM) and Virtual Assistant (VA).
I invested in my business coach before we had the money to pay for this expense because we knew that taking the risk of getting a cash advance in order to make this investment would help us to grow to the multiple 6-figure and even 7-figure business we seek.
Sure enough, less than 6-months after making this investment and taking this risk, we almost doubled our monthly gross revenue of our biggest month in 2019.
This investment allowed us to grow so that we could start to build our team beyond Eric and myself and hire our OBM and VA.
Owning an online business allows us to have both the financial and personal freedom of the ability to support our business from anywhere, and ample time off for vacations and holidays, that we didn’t have when we owned a brick and mortar.
After we closed our gym 4 years ago, we vowed never to go back to being restricted by a facility and made a conscious effort to build the financial and personal freedom we have now.
When you work with us for business coaching, we coach you to CHARGE SMARTER as you develop your prices and offers.
We teach you a formula that helps you to determine your hourly and monthly rate based upon your GOALS such as:
- Number of hours you would like to work per day – We recommend 5 hours per day.
- Number of days you would like to work per week – We recommend 5 days per week.
- Number of weeks you would like to work per year – We recommend 42 weeks per year so that you account for AMPLE time off for vacations and holidays.
When you CHARGE SMARTER, you:
Charge more not only because you can, and because you should charge your worth but also so that you can have more financial and personal freedom.
The more you charge, the less clients you need to take on and the less hours you need to work.
e.g. If you want to make $10,000 per month, that’s 10 clients at $1k per month or 20 clients at $500 per month or 33 clients at $300 per month.
PLUS, charge to support your business. Think BIG PICTURE. This is not just about your salary but also about overhead for your business, and the salaries of team members.
Our recommendation? Go for the higher price because it will give you more financial and personal freedom.
Let us help YOU to build YOUR DREAM 6-figure and BEYOND online business.
==> Apply for 1:1 Business Coaching ==>HERE <==
p.s. Do you make decisions based upon a scarcity mindset or an abundance mindset? Next time I share with you more about what it means to have an abundance mindset, because ABUNDANCE is not just about money, AND I will provide you with tips to MOVE OUT OF SCARCITY INTO ABUNDANCE!
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