Understanding why you’re working is the first step to profit and sanity in a home-based business. But there’s a second question you must also ask. How much monetary profit is enough? (By this I mean, “What’s the minimum amount you need/want to make this year in your business?”)
At first, my answer to that question was simply, “As much as possible.” But making “as much as possible” required me to work “as much as possible.” With two young children underfoot, that meant stealing away to my office whenever I could—even at the expense of exercise, sleep, and most sadly, my relationships.
I acted like a junkie looking for her next hit. My drug of choice was free minutes in which I could check e-mail or make a phone call. “Let’s see,” I’d think, “the kids will go down for a nap in an hour, and then I can get some work done.” Instead of living in the moment, I spent a year counting them so I could get to my next work session. I know that I missed opportunities to snuggle and read books out loud and collect worms and play hop-scotch. But, I was making “as much as possible.”
Eventually, “as much as possible” led to such strain that my husband and I became two ships passing in the night, barely acknowledging each other. It seemed every sentence I spoke started with the words, “I need a little time to work. Would you mind watching the kids?” Resentment began to build. I resented the fact that my work came second to his (even though his salary at the time was much higher and provided our family health benefits), and he resented the fact that all I could think about was work.
I was earning “as much as possible,” but it took a physical and mental toll on me. It affected my family relationships. It overwhelmed me. Until I asked, “How much is enough?”
Honestly, I’m not sure where the question came from. I just remember writing these words in my journal one day: What does success look like for me in my business and when will I know I’ve achieved it?
While the question flowed easily from my pen, the answer stumped me. As I stared at the page, I thought about “success.” As I contemplated the concept, I realized that money was a very small part of it for me. I did not want to have money but no one to share it with. Nor did I want to have money but be too tired or ill to spend it. As I pondered the question, I realized that “as much as possible” was a bottomless pit. There would always be more money to make or more work to do. By striving for “as much as possible,” I was sentencing myself to a life of endless work. Though I claimed my family was important, “as much as possible” had taken over. Something had to give.
That’s when I decided to put pen to paper in order to answer the question, “How much is enough?”
I started by listing the family expenses I hoped to cover with my profit. Then I identified the goals I’d like to help save for, including a family vacation, college tuition, and retirement. I added these amounts together. The resulting number, plus my average overhead expense, became my “how much.”
To further understand my goal, I divided by twelve to get an idea of how much I wanted to make each month. The number seemed doable. In fact, it was less scary than “as much as possible” because it was a finite number. Now, using my computer software, I can tell at any point in the year if I’m close to my goal. If not, I may make another phone call or two. If I’m ahead of my goal, I relax.
Knowing how much is enough allows me to operate from a position of strength rather than constantly struggling to make “as much as possible.” The frantic urgency I once felt has given way to a welcome rhythm in my work.
How much is enough for you? It's a vital question for work-at-home CEOs.
Enough,
