What good is a 6 figure salary with 6 figure expenses...
Money is important! Trust me, I live in this world too, but you gotta have a plan. And the plan can't start and end with only trying to make money. Now mind you, I said, "trying," with quotes ... lol. You also need to be willing to revise a plan.
You can earn all this money, but if your expenses are just as much as you are making then it can feel like you are doing it all for nothing. DEFEAT is a destination that can cripple your mind, your plan and knock all the wind out of your actions. If you're feeling deflated,you have to get organized, refocus on your purpose and make it all make sense—again. See where you can trim the fat, reevaluate tasks that you have delegated, but now cost you since you have to pay someone to do them. Go ahead and reclaim those duties for a bit. I know it can feel like a step back, but really its a step in the right direction.
I teach licensed beauty professionals from all over the world, and it never fails; I show up to teach or present a new product and because someone in the audience feels that he or she has been doing what I am explaining for as long as I have been alive, the information is not important. Not important until I give them a nugget or in this case a key. A morsel of information that now helps them do their job better or different—in a good way. Then bam! It ignites ideas on how they can potentially save a few business dollars or present an old service to their clients in a new fashion.
So I want you to not only focus on the money, but also on your purpose. And then begin to figure out ways to save some of that moolah. Because saying you make more than $100,000 sounds good. Okay, maybe it even sounds great. But if line item 37 on your 1040 is only showing $1,000 as your gross adjusted income, then you need to make some changes. Don't get overconfident about details or who's giving the revelation, and don't treat them like sitcom reruns. Innovation, efficiency and improvement is always lurking. So remain alert.
Be open to change and refocus your purpose, so you can really be making bank!
Disclosure:
Please note this post is not to bash anyone making less than what their business made in a year. I was in the negative for my first two years in business. I finally turned a profit in my third year. A small profit, but a profit. This post is food for thought to help you keep thinking about what to ask for, pray for, explore, revise, etc., to get to that six figure salary as an entrepreneur. But, remember, that you also need to ask, pray and accomplish the least amount of expenses as feasibly possible—without compromising your services, products or your integrity. I am in no way a financial advisor or CPA. I am giving commentary on what I see a lot of within social media, seeing entrepreneurs gloating about the income, but not being 100 percent honest about the entire picture. As you go through your entrepreneurial journey, I want you to understand that it is all a process. You cannot skip steps. And your process, at any given time, is okay because it is meant for you.
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Passionpreneur,
Joy