There is an idea that floated its way into my headspace the other day.
Bear with me here.
This is good.
This idea begins with the concept that, as entrepreneurs, we reach for the stars by setting big hairy audacious goals for ourselves.
A speaker at a seminar asked for a volunteer from his audience, and he asked the person he chose the question, “How much do you make a year?”
The guy responded with something like $80,000.
The speaker, who I gather is a business or personal development coach of some kind, told his volunteer and the room a piece of information that rocked me back on my heels when I heard it.
Ready for this?
If you aspire to make one million dollars a year as an entrepreneur, and you’re currently making $80,000, you’re paying an ignorance tax of $920,000 a year.
Wow.
Gut check: how do you feel about that?
I mean, really, how do you FEEL about that?
If your reaction is negative that probably says something about your mindset toward your goals or your business.
Personally, as a numbers nerd it fired me up, in a really good way.
I’ll make no secret of this: I have aspired with a genuine intention for our business to gross one million per year for the past two years.
It hasn’t happened yet.
Our ignorance tax is still pretty high, too, but I do not consider that a failure.
I do, however, consider this brand-new (for me) approach and mindset to be a strong incentive.
Let’s look at the numbers, and digest this figurative elephant one bite at a time.
$1,000,000, one million dollars a year, sounds like a lot of money, even in the 20’s, but what if I told you that works out to $83,334 a month?
That doesn’t sound quite as intimidating anymore, does it?
We have been blessed with some incredible business relationships on our entrepreneurial journey, and I’m thinking of some specific examples now.
Our current coaching agency just had a $19,000 day. Overachievers!
Considering the maxim that when you work for yourself you represent your company 7 days a week, let’s then break down the monthly to daily.
We divide that $1M by 365 to get just a parking meter coin shy of $2,740 a day.
Sounds like my coaches have figured it out, right?
Are we sure?
Are they?
Without good financial reporting including key performance indicators, cash flow analysis, and timely profit & loss statements I’d say they aren’t.
And quite frankly, I don’t know for sure. Currently our relationship, though full of value, is one-way.
I do know this, though: business evolves.
What people want today, they didn’t even know they needed 20 years ago.
Add to that the dreaded viral pandemic of the last couple of years, and the things that are important now are way different then in the not-too-distant past.
That’s why we’ve got some major, and I mean MAJOR, changes in the works.
Like, changing the very way we do our business, major.
We’ve been proud, and blessed, to provide services to a very interesting cross-section of small businesses in America these past 5 years, but we’re getting an idea.
An idea based on the concept of the Ignorance Tax.
One of the things we have noted in these 5 years is that the best businesses, the ones with revolutionary growth and forward progress, take advantage of good business coaching.
It kind of make sense, though, right? Can you picture an NFL team making it to the Super Bowl without a coaching staff?
Many of our businesses are enjoying this kind of supported success.
One of them is even providing that support herself, and she’s doing amazing things for her clients.
We are inspired.
We see a need, and a very business-savvy and positive-minded subset of entrepreneurs with that need.
The personal and business development coaches with U.S. income.
The kind of income we already know how to save thousands of dollars in taxes on!
We recognize that sometimes you have to accept that change is necessary, and this change excites the heck out of everyone here.
So, coaches! Are you scaling your businesses to the point that you’d love to know what your cash flow means, relative to net income?
Would you like to know what your key performance indicators are? Or maybe even, what that means?
Would you like to have a business financial non-equity wealth partner, coaching you and your business on minimizing tax and maximizing wealth…
…changing your world for the better even as you’re changing the world for the better for others?
We are already ready and equipped with the guidance and tools necessary to make the most of your business.
Mark your calendar, okay? This is effective right now, today, July 24, 2022.
If focusing on your own success while leaving the numbers and the taxes to us sounds good to you, let’s talk.
Soon!