How Much Of Money Do You Need From Your Business?

Source: Google image

Heres a tip for many of you who wants to start a business but have no idea 'why'.

I know its ridiculous to say that but don't you think most actually have no clue about what they want from their business? 

Dont believe; ask any business owner why they started their business; and its always the same: be own boss, make more money, freedom of time and so on.

But when you look back; not many actually achieve any of those! They are now slaves to their business and hardly have time to even eat!. yes they do make money; but how much they actually need? are they indirectly back into the rat race?

And so when i started my business; i looked at all these; and reverse 'engineered' how i wanted it to be (like ideally how i want my day to day look like).

Im not gonna talk about all the others; but let's talk about the most 'tabooed' word: money.

How much of money do you want to make from your business? Think about it for a second. Like really think, give me a number. (write it down). Don't say a lot. Give a number. And after that; look hard at that number and write down why?

The reason this is a very 'powerful' method is because many will write a lot of zeros. Millions; maybe billions. But why?

For someone who probably makes less than Rm 10k a month salary; why would you want a billion dollars from your business? Let me guess? to help someone? Are you already helping now? coz if you are not; there is no way it will suddenly 'happen'. Money just amplifies what you already are. If you are charitable; you will continue being one. But if you are thrifty; you will continue being a hoarder too. nothing changes.

So let get back to the number; Why that number? Think hard. 

Like for me; i had a certain number in my mind because i wanted to live my life a certain way and i wanted the amount to be enough for the rest of my life inflation adjusted. 

And funny thing; i didn't even need RM 10'000 a month. 

So when you back calculate that way; you can roughly make out how much you will need from your business.

And the best; since the number is 'small' or achievable; it will give you more confidence and drive to start your side business that you have been keeping a side for a long time now.

Really guys; don't overthink; just do it already.

Over the course of 6 months many people started their side business with SoapLab; you know just making some handmade stuff; soap, shampoo so on using our existing recipe. 

Ive managed to get in touch with few; and guess what? With hardly 1-2 hours allocated a day for the business; they are bringing in profit of rm500-1000/ month. Imagine spending more time in it? Its a better investment return vs property isn't it? (dont say about future value etc coz you have no idea about ur business future value as well:-) and you cant get positive return from your rental until you pay off your bank while business gives you money every month which if you 'dont need' can be further invested to give higher returns:-) but this is another topic for another day:-)) 

So anyways; all I'm saying is; maybe the best way to know what you want from your business is to back calculate the amount you want; so that you can design it that way. Its less scary; and you will get the confidence to actually start:-)

Good luck;

Nisha