Define your goals. What do you want to achieve. How much will you need to earn monthly? For example, I would like to ear $10,000 per month. I can quit my job at $5,000.
I want to spend more time with my family. Travel to Costa Rica or Italy. Surprise my parents with a luxury vacation to Switzerland, this is somewhere they want to go to. These goals might not work for you. You need to write out the definition of what you need and want. Remember to make sure your goals are specific.
What can you eliminate in your job or life right now . Can you identify what may be holding you back? What are you wasting your time on. Stressing and working you to burnout? Is it time to rethink your priorities.
On an episode of Tim’s show he runs on iTunes he was helping a woman who wanted to develop her yoga studio. A big “why” for her was she wanted to be able to afford to send her parents to their home country. To achieve this she needed around $5,500 per month. The Yoga entrepreneur also wanted to create a business lifestyle that was idea for her. In her marketing, they looked at what was bringing her sales in. Facebook, sending messages, emails were not working. Calling her customers on phone worked. They happily paid and showed up for the class.
The lesson is. Eliminate all the other work. Just focus on making the phone calls. Focus on what achieves a return on investment. Which brings us to the next point. Now sing it loudly A
This is likely one reason you’re drawn to an internet based type of business. The automation possibilities are endless. There are lots of tools you can use. For the yoga woman, she could hire others to make these phone calls. That would be the first step to automating her business. Later, she could have others run the yoga classes. She could develop her business into a franchise, the sky’s the limit.
And that brings us to number L.
The end goal. Your ideal income is coming in. All non-essentials are eliminated. Most things are automated. You are doing the things you want. This could be travel. Spending more time with your family, spoiling the people you care about. Not having income worries any more or coping with stress. This is the aim of the exercise.
I find this simple acroynm works for me. It could definitely help you. A simple word to remember. Looking to set up your own online business that’s built around the D.E.A.L. formula try this out.
Isnt this breakdown from the 4-hour Workweek was a useful excercise we can all adopt?