There are two important numbers in your business. The first is your freedom number and the second is your dream number.
When you first start out it's your freedom number that is most important. You need to earn enough money to replace the income you had when you worked for someone else. It means you can give up your old job for good and focus on your business fulltime.
Your dream number is the amount of money you must earn in order to have the lifestyle you really want to experience in your life. At this stage, you're doing the work you love but you're no longer needing to work every single day of your life. You can experience life in the way that few people do because most people are living paycheque to paycheque.
I expect we all at times dream about our ideal lifestyle, but few people really experience it. As a small business owner, you have a unique opportunity to do that - you just need to know how to go about it.
My guest on today's podcast is the co-founder of Lifestyle Builders, Tom Sylvester. During the interview, we talk about creating financial freedom and whether such a thing is possible for small business owners. As you'll see, Tom firmly believes the answer is yes but to get there you need to know the various different plays you should make in your business depending on where your business is currently.
In this podcast, Tom and I explore:
This is truly an excellent interview as Tom was generous with his advice and there is a lot to learn from him.
To help you implement these tactics, I've put together a cheat sheet summarising much of what we cover in the episode. Download the cheat sheet and get all the links mentioned in the show at getrealaboutbusiness.com/49.