How to Make $100,000 Per Year (and why it is NOT enough)

SUMMARY KEYWORDS

business, grow, printers, product, growth, investing, living expenses, profit margin, people, calculate, flatline, year, accepted, cost, coaching, learn, business owner, e book, program, create

00:00

Hey everyone, Shanee Moret here. Welcome to Growthpreneurs. Today, I'm going to cover something that I believe is extremely important, because I see a lot of small business owners that they keep saying that, you know, making $100,000 per year is their goal. And I want you to know that that is not enough. And we're going to go through a presentation why I also have some exciting news, we've launched a new program called growth printers, and I want you to know about it. So why $100,000 per year is not enough. People say that you need to make $274 a day to make $100,000. In just a year, you've probably seen Instagram posts claiming this, you've probably seen those memes. And this is what the number is right. So you say, Oh, $274 a day to make $100,000 in a year. But that is $100 in sales, that does not necessarily mean that you're going to keep that $100,000. So let me break it down. And let me show you what I mean, we're also going to be focusing on the real number that you should be striving for. Because to keep 100,000 you have to strive for a bigger number. If you have a service based business that is online, if you're a coach, if you have courses, if you have an E book or another digital product, you know, your profit margins should be very high, but your expenses, they still exist. And so your profit margin is definitely not, you know, 100%. And I see a lot of people make this mistake, when they're calculating their sales for a digital product. It's amazing, because yes, it is scalable. You could you could create one product once and sell it a million times. But there's still some costs that you have to incorporate. And I don't see enough people doing this. So profit margin shows you how profitable your products are after the cost of production, or cost of making that thing, which is just a fancy, you know, thing for the cost of production. So in the cost of making your digital product or whatever, you need to include your time, this is where digital product will be one on one coaching every single time because with one on one coaching, you're trading your time for your money. Still, it's not something that you can do while you're asleep, right, you have to be present, you have to serve your one on one client group coaching is still trading time for money even though you're multiplying the amount of people that you can serve within that amount of time.

But you have to calculate your time because it still takes time to create a course to maintain it. To create an E book to do the edits to you know all of that, you need to calculate the cost of the tools that you're going to need tools like Kajabi, Canva, Adobe, you need to calculate the cost of paying for contractors or freelancers and things like that. So for this particular example, we're going to say that you sell a digital product, and like an E book a masterclass and that you have an 80% profit margin. Which means that for every $100 you make your profit is $80. So if you make $100 $20 is going for the cost of production. And $80 is what you would keep initially, right. So to make a profit of $100,000 per year, with an 80% profit margin on that product, that means that you immediately have to bring in $125,000 per year to have $100,000 of profits. Okay. So your numbers already raised. So it just went from 100 to 125 to have $100,000 in profit. So let's say you let's say you get $100,000 a year in profit $40,000 of that, let's say he's living living expenses, mortgage or rent, all of that. Taxes $30,000 in taxes, we're not even going to touch that because that's indisputable, right that has to go no matter what. It's not something that you really have control over $20,000 should be going to savings, you should be saving $20,000 of that $100,000 in a perfect world. And in you know $10,000 you should be investing in your personal brand, coaching courses, personal development, things like that.

05:00

In this particular breakdown, it means that you have $40,000 to live on per year, okay? That comes up to only $3,333 per month, which in the US is barely nothing, right, it's barely enough for a monthly rent of, you know, 1500 to $2,000, plus utilities and food, you're basically already reaching that $3,000 per month. This is why the average person in America who's making $100,000 is not necessarily saving money, because that $40,000 of living expenses, they have to then tap, they exceed, so then they have to start spending the $20,000 that they should be saving, does that make sense? Which gives them $60,000 to live off per year. So let's say the savings go away. That means that the $20,000 that should have been saved is now part of their living expenses, which gives them $60,000 to live off per year, this equals to about $5,000 per month. And it's still not that much, it's still not enough. If you consider rent, utility bills, food, transportation, health insurance, clothing, you know, you've already be past that $5,000. Mark, what about daycare? What about student loans, credit card debt emergency fund? What about children. And so this is why I want to change, I want to help inspire you to grow your mindset and change your perspective a little bit $100,000 if you're new entrepreneur, new small business owner should not be your goal, you need to be thinking much bigger. And this is why so now the $60,000.40 that was originally for living expenses, 20 that should have been saved. And now people even tap into the 10,000 that they should be investing in themselves. And what happens when when they do that is that they stop investing in themselves, so they don't invest in their physical health, right. And how you look physically is a reflection of your standards period, your physical health, your physical, you know, well being, you can't hide that. So that is a direct reflection of your standards. It you need to invest in yourself with your mind to so not just your physical health, eating well, drinking water, all of that. But you should also be investing in growing your mindset and networking getting around getting closer proximity to people a lot more successful than you, so on and so forth. So this type of spending leaves zero funds for even emergencies, financial professionals, they recommend having at least three months of emergency funds available at all times. This would mean that if you're you know, if your living expenses, let's say are $5,000 a month that you would need $15,000 in emergency funds at any given time. And for many Americans, that's just not the case. Statistically, the average American has maybe two to $3,000 in savings, and I believe the millennial has less. So for me, I believe that it's time for you to think bigger. The minimum, the absolute minimum number you should be thinking about is not $100,000 per year, it's not 100k it should be 250k at minimum. And to bring home 250k. Remember to profit that 250k with very, very high profit margins, you need to sell $300,000 worth of whatever product or offer you have. That breaks down to $822 per day. So you need to make $822 per day in sales to reach that 300k mark in a year. How can you do that? Right? Well, you could sell $100 product nine times you could sell a $200 product five times. You could sell a $300 product just three times or you could sell a $500 product twice or a $1,000 product once in a day

09:59

or you could sell it 7000 or $10,000 product once in a week. And so there are ways with the internet, the internet, where you can introduce yourself to so many, many, many, many people, you have so many tools at your disposal, you just need to learn how to use them. That's really what I believe about the internet, you have what you need to definitely achieve this, whether it's $100 product or a $500 product, that's just two people a day for a $500 products. And anyone can create a $500 product, you just need to identify your most profitable skill sets. And then identify or be given right a system where you could break down that skill set to provide quote unquote, value for people so that they could also learn it no matter where you are in your journey. And this is what we teach a growth Academy because by 2040 93% of all purchases will be made online. And if you don't get in on the online space, now, there's a part of me that will tell you that you will regret it. And so I see a lot of small business owners, they're very stressed. They're flatlined, which means that their business has stopped growing, they're frustrated, they're overwhelmed, you know, it's like, they keep working more, but they're not getting more results. And so when that happens, you really just have to put your ego aside. And you have to say, I need help. You have to say, I need some insight, what are the holes in this bucket because I can't keep pouring more and more water into a bucket with holes because the water is just going to escape. And so you're just going to burn yourself out without getting the results. So the good news is, is that the internet is a place of infinite possibility. Only if you learn the right skills, and network with the right people. And at growth Academy, you can do that. This is why we have created our newest program, which we called I love this name growth printers. It's an eight week business intensive for business owners who will stop at nothing to achieve their dreams. Because I know that I started my business with a dream in mind, I started my business, my first first mini dream was to be able to make what I was making in my corporate job from my home so that my daughter could stay home with me instead of being separated from me at a daycare eight to 10 hours a day. That was my first mini dream. Obviously from there, this has evolved tremendously. But you started your business with a dream in mind. And we're here to help you every single step of the way to make sure that that dream and everything that you've done until this point, it has not been in vain, that you will achieve that dream we will give you the best chance at doing so. Isn't this the reason you started your business in the first place, you want more freedom, you want more time, and you want more autonomy, to just wake up in the morning without having to have an alarm unless you want one, you know, wake up in the morning, and being a business that you love, rather than one that has turned it into its own job and that you're doing a lot of things you don't like doing and you feel frustrated and overwhelmed and lost. This is the reason why you started your business and you did the hardest thing already you started. You had the courage to start. So failing, which most businesses fail 50% within the first five years 80% within the first 10 failing would be like all of that would be in vain. And so why wouldn't you do everything in your power to give your business the best chance at succeeding? Because there's one thing that's true you know, and before I go I go on I wanted to find growth printer a growth printers an entrepreneur, or or business owner and entrepreneur who is consistently getting to the next level in their life and business consistently staying out of their comfort zone consistently so once they once you achieve one goal, you're setting a new goal, and you're consistently meeting new people taking new actions and doing this consciously to continue to grow.

14:42

Well, we believe that growth Academy are that businesses are owned by people. So every time a business fails or business flatlines It's a direct reflection of the business owner. The business owner does not have the skill sets does not know the people is not trusted by the people is not an authority in their industry to push their business forward. by themselves, they are stuck when a business is stuck, the business owner is stuck. Businesses are owned by people and your business growth will never exceed your personal growth. And so that's why, in the new program growth printers, we're not just only going to focus on finding the holes in the bucket of your business and optimizing you know, your revenue, and your automation and all of that. But we're also going to focus on you growing your mindset, bettering your routine, you know, optimizing your networking skills, because these are all essential, the more you grow, the bigger your vision, the bigger action.

The bigger your network, the more leverage you have, and the more you can give to your business. And this is what we truly believe. So if your business revenue has hit a flatline, or stuck, it means that you're stuck in a way. And we want to get you unstuck and transform you into the leader that your business needs to grow. Year after year, your business should not flatline, you should not get complacent, you should not get comfortable. The markets change every single day. We don't know when there's going to be another lockdown. We don't know when a new disruptive competitors going to hit the market. I mean, even the biggest companies like Nokia, remember, in 2007, they were named that they were unstoppable force in the cell phone market. They had over 50% of cell phone market share. And then Apple came out that year, what did Apple do, they disrupted. And within five, six years, the CEO of Nokia was saying we did nothing wrong. But we lost Nokia. And the fact is that sometimes doing nothing is the worst thing that you can do for your business. Sometimes not investing in yourself is the decision that will be the downfall of your business. And so you always have two choices, you can continue to grow. Or you could accept where you are, and and increase the risk of the decline. Because it's only one way up and one way down. There's never a flatline forever. In growth printers, you will learn to grow your mindset, grow your network online, and in person, grow your influence, grow your business and grow your wealth. These are the five areas of focus for those that are accepted into this program. We begin on Monday, August 2, and enrollment is extremely limited. And the intensive is going to be for eight weeks. So message me today, if you want to see if you qualify. And if you do, you'll be accepted into the group. We already have a private community for the people that have been accepted in the have enrolled and we are ready to be in this is going to be absolutely transformational. And we're so excited to see the results.

If you want to learn how to get your online business, to $300,000 in sales faster, then message me I've been able to do this, I've been able to help others do this. We have the receipts we have the testimonials and now we've created a system where it not only teaches you what to do, but we also will help you implement because knowledge is nothing without action. And you know growing your mindset is nothing without action. And to take more action you need the right people on your side err circle, and you need the accountability to do so until it becomes a habit in your life. And that's really one of the things that differentiate this program amongst all others. We welcome you and again if you want to see if you qualify, go to GrowthAcademy.Global and thank you so much for listening.