Everyone wants to be the best and hit the big metrics, but are you allowed to scale back your business? Today I’ll share with you my mindset and the framework I used to make that exact decision.
In 2020, I looked at my business and set an aggressive revenue goal. I have talked on this channel before about financial independence and how my husband and I have worked hard to reach this step. So I don’t need the income from this business, but I know setting that revenue goal will push me to create more, to be more efficient, to actually get my books done.
So I set an aggressive goal this year with the idea that next year in 2021 I would want to hit 6 figures. That would be huge, but it is a vanity metric. I stepped back and really looked at what I wanted and that meant scaling back.
You’re too busy, it’s time to charge more. To start the year I was really busy. And I’ve been told by several people that if I’m too busy that it’s time to raise my rates. Clearly, there is more demand for my time or skills. I’ve done that. But I also know the margins in books. I can’t in good conscience continue to raise my rates. So, yeah that means I have a waiting list and my consulting business isn’t paying me all that it could. But I am happy with the business I have and I feel good about how I am helping my clients.
6 figure/7figure goal: that’s going to be way too much active income. I would rather have a full salary of passive income that I can sustain so I can live a balanced life. To get to 6 figures or 7 figures that is a lot of work. Yes, I would love to have more money, sure. But I know what it will take to get there, and I would rather have a little space to breathe.
My books will always require some level of work from me in order to maintain sales and royalties, but I’m front-loading the work now and being really intentional about what I want my author business to be now so I can grow and scale in a way that doesn’t overload me.
So, are you feeling overloaded? Do you have dizzy daydreams for your author business that scare or overwhelm you? Share your thoughts in the comments below so we can encourage each other to enjoy the journey more.
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Now you can get back to writing your book!
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