Profit Clarity

Start working towards the big bucks instead of doing anything that pays.

Photo by Stefan Cosma on Unsplash

Building a solo business is hard. 

After the initial excitement, you get stuck in the messy middle, and it feels like you’ll never make it out. 

Do you know how to make it out? It’s by getting money clarity. 

Let me explain. 

Say, you decide to write on Medium. You don’t think much of it, initially, you just “try”. 

But then, something clicks, and you start making money. Maybe you make $200 per month, maybe $2000, but it’s money you find significant. 

Now these $2000 are running your life. 

Because you know Medium can make you money, and your entire focus goes there. Some months, you win. You increase your income, you have boosted stories, and everything is going well. 

Other months, you lose. Your stories perform poorly, and you keep pushing, keep posting, and get frustrated. 

With time, you get addicted to it. Brain science says unpredictability keeps you hooked. 

Medium isn’t a business plan. Medium is a lottery. You can never build a sustainable business by writing on Medium. 

I’m not saying writing on Medium is bad. It attracts an engaged audience, it makes you some money, it can boost your credibility and even get you a book deal. 

I’m saying that I want you to become hyper-aware of the business you want to build, and start building that — your business instead of just a business. 

I want you to figure out exactly how you can make big money and focus on that, not on $1000 here and $500 there. 

Please, don’t get stuck in a business model that limits your income and your energy. 

Find the most profitable revenue stream — and I don’t just mean financially — and focus on building that up. 

Let me show you how. 

This newsletter issue is inspired by an exercise I learned from 7-figure business coach Marie Forleo.

Secret to Success: Stop getting distracted and build your dream business 

In this newsletter: 

• Goals clarity. 

• Evaluate your current state. For paid subscribers only.

• Refocus. For paid subscribers only.

“Thriving is when your time, energy, and priorities are in sync.” — At Your Best: How to Get Time, Energy, and Priorities Working in Your Favor

Goals clarity. 

To prioritize one revenue stream over another, you need to evaluate it against a pre-determined matrix of goals. 

Let’s create that matrix now. 

How much do you want to make per year? 

Keep asking this question until you start giving the same answer every time. This means it’s an answer that’s both exciting and realistic for you. 

Your financial goal shouldn’t be some aspirational, some-day amount. Think now. Think this year. 

Choose something that excites you but doesn’t overwhelm you. Choose something that will allow you to live a better life, not the most amazing life you can imagine. 

So. What’s the magic number? (If you don’t have it yet, stop reading and come up with it.) 

How much do you want to work per day/week/year? 

Your financial goal shouldn’t be just about finances. 

The only way to make a lot of money is to work on something for a long time, and you can’t do that if you’re overworked and stressed out. 

For me, if I can work 2–4 hours per day and take a few weeks off each year, that would be amazing. I’m pretty close to it, to be honest. 

What’s your ideal schedule? Maybe you want to have full working days, but work 3 or 4 days per week? Maybe you want to take two months off every year? 

Anything goes, as long as it excites you and you believe it’s achievable. 

What are your strengths?

Your big money plan needs to be built around your natural strengths or it simply won’t work. 

Your natural strengths have a lot to do with your natural interests. Because when you’re interested in something, you do more of it, and when you do more of it, you become better at it. 

Then it starts to feel so easy to you that you don’t even consider it a strength. You assume that’s how everyone “just is.” 

Also, your strengths are what you like to do. Because we all like to feel powerful and capable, right? So when you enjoy doing a part of your job, it’s usually something you’re strong at. 

So. What are your strengths? What do you most enjoy? Make a list, and then keep reading. 

A note before we move on. 

By answering these three questions, you just described your dream business. 

• You know the money you’re going for.

• You know the schedule you’re aiming for.

• You know what you want to do.

Now, let’s use this matrix to reassess your current revenue streams and make sure you bring your time and attention to the right one. 

Evaluate your current state. 

Something I notice with new solopreneurs is that they’re happy to do anything that makes them some money. 

Seasoned solopreneurs are smarter about their time, but still easily distracted by profit potential and shiny objects. 

I’m afraid this only slows you down. How much does it slow you down? Let’s assess.