Your Goal Wage???
- Thread starter MajorTom
- Start date
I don't have a business goal, just a personal one. Turnover is of no interest to me, I just want to make at least 100 grand a year for myself. I have no real need for much more than that, and can make that comfortably whilst fitting it around family life (which is much more important).
I've done it the other way too, with staff to pay and money going out left right and centre. That's not the way I want to spend my life.
I've done it the other way too, with staff to pay and money going out left right and centre. That's not the way I want to spend my life.
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T
The Byre
This is the World's most daft and pointless question - it assumes that the only measure of success is money.
Business is not about money. Money is just those tokens that you may - or may not - get for being otherwise successful. Money is just a virtual good. A number and no more. You cannot sleep on money, eat money, drive money, wear money, or put money over your head to keep the rain out.
You have to exchange money for those things that are actually useful.
There are of course people who feel the need to tell other people that they have money. These are those insecure wretches that buy items that have status, in order the show others just how wealthy they are.
Also - and most importantly in my opinion - the business income is no measure of business value. One business can generate an income of one million p.a. and be worthless. Another can generate an income of £20k p.a. and be worth millions.
Business is not about money. Money is just those tokens that you may - or may not - get for being otherwise successful. Money is just a virtual good. A number and no more. You cannot sleep on money, eat money, drive money, wear money, or put money over your head to keep the rain out.
You have to exchange money for those things that are actually useful.
There are of course people who feel the need to tell other people that they have money. These are those insecure wretches that buy items that have status, in order the show others just how wealthy they are.
Also - and most importantly in my opinion - the business income is no measure of business value. One business can generate an income of one million p.a. and be worthless. Another can generate an income of £20k p.a. and be worth millions.
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billybob99
^^^ Gramps in on a roll lately. This sums it up ^^^
When I started trading Forex I used to be the world's greediest git but when I did the maths, 8 hours a day stuck at the screen meant I was earning merely £20 an hour - locking the door, ignoring family.
Years later through introspection and trying to improve myself, I take trades on Sunday evening and close them Thursday or Friday the following week, now averaging £700+ an hour for time spent analysing and placing the trades, no more than 3 hours max a week.
As already mentioned not everyone wants staff to manage and money going out left right and centre.
When I started trading Forex I used to be the world's greediest git but when I did the maths, 8 hours a day stuck at the screen meant I was earning merely £20 an hour - locking the door, ignoring family.
Years later through introspection and trying to improve myself, I take trades on Sunday evening and close them Thursday or Friday the following week, now averaging £700+ an hour for time spent analysing and placing the trades, no more than 3 hours max a week.
As already mentioned not everyone wants staff to manage and money going out left right and centre.
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So true can completely consume you if your not careful. In answer to the OP I’ll stick with my bio
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There was a guy that caught fish on his boat every day . . . .
He has a family, a roof over his head and enough food to eat, especially the fresh fish he caught . . .
He never had a business, just an employee and spent as much time with his family.
He is happy.
Most business owners would like to retire in this way.
He has a family, a roof over his head and enough food to eat, especially the fresh fish he caught . . .
He never had a business, just an employee and spent as much time with his family.
He is happy.
Most business owners would like to retire in this way.
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This is reflective of being in business all your life
You may be hungry and ambitious when you are young but you don't want that for ever . You would be a nutcase if your were over ambitious all your life
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Until there's a storm and he can't go fishing and his family starve...
Or global warming kills all the fish stock...
Or his family just gets sick of bloody fish every day...
Need a better plan...
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Until there's a storm and he can't go fishing and his family starve...
Or global warming kills all the fish stock...
Or his family just gets sick of bloody fish every day...
Need a better plan...
Fisherman is no different to rest of us
He does have a plan but he will not give it away on a public forum
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Started my own business as I got fed up trying to work within the frameworks set by people who's ambition didn't match their ability. Think Lord Sugar's 'Apprentice'....
Success for me, after securing a half decent home, driving a half decent car etc., is having enough money in my pocket to buy a beer and an indian takeaway any day I damn well like, 7 days a week.
Success for me, after securing a half decent home, driving a half decent car etc., is having enough money in my pocket to buy a beer and an indian takeaway any day I damn well like, 7 days a week.
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billybob99
Started my own business as I got fed up trying to work within the frameworks set by people who's ambition didn't match their ability. Think Lord Sugar's 'Apprentice'....
Success for me, after securing a half decent home, driving a half decent car etc., is having enough money in my pocket to buy a beer and an indian takeaway any day I damn well like, 7 days a week.
This is spot on, I said the same thing to my personal chef the other day.
It's not all about the money, but the freedom.
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Until there's a storm and he can't go fishing and his family starve...
Or global warming kills all the fish stock...
Or his family just gets sick of bloody fish every day...
Need a better plan...
Or until he is dying for a fried chicken meal...
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Yes, I have income goals. And for the first few years, all the goals were about income. Then things change - types of work/clients, are I enjoying the work, am I learning something new?
Then the goals became about my team, how I could manage better, motivating people, having the right processes in place.
As the business grows I also expect to.
Then the goals became about my team, how I could manage better, motivating people, having the right processes in place.
As the business grows I also expect to.
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Yes, it was in my 5 year business plan. I was earning £500 a week at the job I had before I'd taken my career break then started working for myself, so I made that my 5 year goal. Hit it at 3 years. Which I know might seem a long time to some, but I'd never run a business before, and from year 2 I invested heavily in my own training for around 5 years. Oh, and also 3 months after I started my business, we went into global recession. So I think I did well.
I started doing my second 5 year business plan in year 6. Currently in year 11, must finish that...
I was earning £500 a week at the job I had before I'd taken my career break then started working for myself, so I made that my 5 year goal. Hit it at 3 years. Which I know might seem a long time to some, but I'd never run a business before, and from year 2 I invested heavily in my own training for around 5 years. Oh, and also 3 months after I started my business, we went into global recession. So I think I did well. I started doing my second 5 year business plan in year 6. Currently in year 11, must finish that...
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Could probably make more money working for someone. Trouble is I don't think I could , and I don't want to work for someone else.
In the early days, I was earning naff all, and living off the overdraft and credit card, now I'm debt free, and managed to comfortably pay the wages each month.
It's not all about money. I can pick and choose what days I have off, I can bugger off early, and to some extent pick and choose what jobs we do. Could be busier, doing boring, mundane jobs, we just don't want to.
In the early days, I was earning naff all, and living off the overdraft and credit card, now I'm debt free, and managed to comfortably pay the wages each month.
It's not all about money. I can pick and choose what days I have off, I can bugger off early, and to some extent pick and choose what jobs we do. Could be busier, doing boring, mundane jobs, we just don't want to.
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You'd like my job then because as long as I have my phone with me I'm at work.
A few years ago I took my lad to the zoo when the phone rang. I answered it because I knew that it was a factoring company and not a prospective customer. We chatted for a while and the girl said "I'm sure I can hear monkeys in the background"
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