It has been 19 years since I left school and made my way into the workforce. In that time, I have gone from earning just $250 per week up to a peak of $55,000 in a single year.
The results have come from different jobs and businesses that I have operated over this time. However, I feel that it is about time that I set my sights a little higher and see what I can achieve. With that in mind, I have set myself a goal for income in the following year;
To Earn $100,000 in 2020
I have chosen the goal of $100,000 as it is the crossover point for a six-figure income. Although this is a somewhat arbitrary income level, it is something I would like to achieve. In Australia from what I can find, this is still a fairly mid-level income. The median income in Australia reported as just over $80,000 and the average income is just over $107,000 in 2013-14. [source]
My motivation behind setting this goal is to push myself over that six-figure income threshold. I believe if I can do that in a year, there is good potential to continue that with the skills learned and the income streams created.
This goal will be full of challenges, some that I can identify now and others that are almost certain to present themselves along the way. While there is a lot that you can do towards creating an income for yourself, there are also a lot of factors outside your control.
The present situation is that I have a few income streams, all of which are tiny relative to the goal. Most of them would be rather difficult to expand enough for me to reach the goal. So the first challenge is that I am starting from zero and need to create a range of income streams suitable for this goal.
The second challenge is that many income streams require some investment. I do not have a large amount of capital to get started with anything too big. But there are always ways to get things going without a lot of money to start.
This goal will be the most challenging goal I have set. Few people ever accidently earn this level of income. They get there by taking specific steps either in education or working on a business. But even many small business owners never reach this level of income. There are also many factors outside my control and far too many to identify up front and many that could arise with no notice.
Identifying some good first steps is one of the most difficult aspects of this goal. With so many business ideas, I could choose from with no certain outcomes. I will have to try a bunch of different things and just try to turn it into a profit as early as possible, or identify that I need to change directions quickly.
The first step that I want to try is to identify at least five potential business ideas to start with. I would be initially looking for ideas that can be quick to market and looking for a result either way within a short time frame. Not that I expect to just start an idea one day and get a profit the next. I will give the ideas a reasonable time to simmer and show results before deciding one way or another on them.
The second step at the moment is to explore a little deeper the opportunities around print on demand. I have had a small amount of success in this area before and think it could present some great opportunities. There are a few websites I use and will look to expand my offerings on these sites. I will also look at some advertising opportunities to bring in more customers for this.
Review & Adjustment
I have a good, albeit basic system for tracking my income in Excel. I look at this spreadsheet daily because alongside the income it also tracks some other day-to-day things.
With this goal, tracking of the numbers will only be the beginning. There are many other aspects that are just as important if not more so than the number, at least along the way. Throughout the year I will update my income on a monthly basis. Alongside this I will also at some point start approximately weekly updates on the projects I am working on and how my progress is going on these.