Ep. 133: The problem with having a decent income from your business

Season 3 | Episode 130
10m | Dec 22, 2023

In this episode of the Small Business Startup Essentials Podcast, host Tom Clairmont delves into the critical aspect of income goals in the entrepreneurial journey. Here's a summary of the key points and insights covered in this episode:

  1. Importance of Clear Income Goals: Tom emphasizes the significance of setting clear income objectives in the entrepreneurial journey. These goals serve as essential markers to measure progress and prevent complacency.
  2. Mindset of Proactive Growth: Setting income goals is not an act of greed but a proactive mindset for solopreneurs. Success in business requires continuously pushing forward and adapting to an ever-changing landscape.
  3. Avoid Complacency with Stable Income: While stable income is an achievement, Tom cautions against complacency. Solopreneurs should not rely solely on a single substantial client for their income, as it can lead to vulnerability if the client's circumstances change.
  4. Continue Striving for Growth: Solopreneurs should maintain their drive and urgency to secure new clients continually, even when they have stable income. Tom encourages a mindset of ongoing growth and expansion.
  5. Consider Hiring a Virtual Assistant: To free up time for strategic activities and avoid over-reliance on a single client, Tom suggests considering hiring a virtual assistant. Delegating lower-level tasks can enhance efficiency and business growth.
  6. Embrace Holistic Growth: Growth should encompass various aspects of life, including emotional, health-related, and overall well-being. Solopreneurs should continuously review, modify, and improve their goals, remaining in a state of continuous learning.
  7. Invest in a Virtual Assistant: Despite the challenges in finding the right virtual assistant, Tom believes that this investment is instrumental in maintaining momentum and achieving consistent progress in a solopreneur's journey.
  8. Avoid Self-Sabotage: Tom's powerful message to solopreneurs is to avoid self-sabotage and keep moving forward. Constant growth and momentum are essential, even during periods of financial success.

This episode serves as a reminder that success in entrepreneurship is not solely financial but encompasses various facets of life. Solopreneurs should strive for growth in all areas, continuously adapt to change, and remain proactive in their pursuit of success.


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