Objectives: Business Lesson #6

The primary purpose of a business is to help you attain your personal objectives. When this becomes the focus, rather than generating an arbitrary income, your goals become magnetic.

Create a chart like the one here, listing your personal objectives in each category. Include the annual cost for each.

Activity Personal Objectives Annual Cost
Health/Physical Activity
Family
Friends/Social
Education/Professional growth
Personal Development
Hobby/Leisure/Entertainment
Travel/Vacation
Volunteer
Major purchases
Home
Transportation
Clothing & Grooming
Food
Utilities
 

Total cost

+ Income tax
= Personal Income

 

To calculate your required personal income, you will also need to add your personal income tax to the above total. Your business needs to generate these funds for you to attain your personal objectives. Your personal income will be just one of the expenses of your business. You may want to double this number to arrive at your total business income.

 

Karen Brunger, AICI CIP, is president of International Image Institute Inc., and provides training and resources to image consultants

www.imageinstitute.com